Credit Counselors: Career Overview
Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explain loan requirements or restrictions. May help develop debt management plans or student financial aid packages. May advise on credit issues, or provide budget, mortgage, bankruptcy, or student financial aid counseling.
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What Tasks Do Credit Counselors Take On?
The core tasks performed by credit counselors include:
- Calculate clients' available monthly income to meet debt obligations.
- Explain services or policies to clients, such as debt management program rules, advantages and disadvantages of using services, or creditor concession policies.
- Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
- Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first.
- Assess clients' overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.
- Recommend strategies for clients to meet their financial goals, such as borrowing money through loans or loan programs, declaring bankruptcy, making budget adjustments, or enrolling in debt management plans.
- Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
- Interview clients by telephone or in person to gather financial information.
Skills and Knowledge
Effective credit counselors rely on a mix of skills and domain knowledge.
Top Skills
These are the skills most central to this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Other Credit Counselors Job Titles
Common job titles for this role include:
- Accredited Financial Counselor
- Branch Credit Counselor
- Certified Consumer Credit and Housing Counselor
- Certified Credit Consultant
- Certified Credit Counselor
- Certified Credit and Housing Counselor
- Consumer Credit Counselor
- Consumer Lending Manager
Job Outlook
The U.S. employs around 396,479 credit counselors working in the United States today. Demand is forecast to decline by -3.6% over the projection horizon.
How Much Do Credit Counselors Make?
| Statistic | Value |
|---|---|
| Annual median | $86,279 |
| Hourly median | $41.48 |
| 10th percentile | $59,664 |
| 25th percentile | $72,971 |
| 75th percentile | $99,587 |
| 90th percentile | $112,894 |
Wages vary widely based on experience, location, and industry.
Pay by State
| State | Annual median salary |
|---|---|
| California | $65,820 |
| New Jersey | $63,330 |
| New York | $62,090 |
| Massachusetts | $62,060 |
| District of Columbia | $61,810 |
| Washington | $61,170 |
| Oregon | $58,730 |
| Minnesota | $58,640 |
| Maryland | $58,300 |
| Rhode Island | $58,220 |
| Georgia | $57,300 |
| Idaho | $55,520 |
| New Hampshire | $53,990 |
| Ohio | $52,470 |
| Delaware | $52,310 |
| Nevada | $51,960 |
| Colorado | $51,670 |
| Wisconsin | $51,340 |
| Virginia | $51,330 |
| Illinois | $51,160 |
| Michigan | $51,000 |
| Nebraska | $50,890 |
| Indiana | $50,440 |
| North Dakota | $50,430 |
| North Carolina | $49,670 |
| South Dakota | $49,610 |
| South Carolina | $49,420 |
| Utah | $49,250 |
| Pennsylvania | $49,040 |
| Connecticut | $48,380 |
| Florida | $48,340 |
| Alabama | $48,040 |
| Maine | $47,910 |
| Kentucky | $47,680 |
| Arizona | $47,300 |
| Louisiana | $47,060 |
| Texas | $46,910 |
| Missouri | $46,860 |
| Iowa | $46,590 |
| New Mexico | $46,340 |
| Tennessee | $44,300 |
| Montana | $42,520 |
| Oklahoma | $42,250 |
| West Virginia | $40,940 |
| Arkansas | $40,410 |
| Mississippi | $39,100 |
Pay by U.S. Region
Pay for credit counselors shift depending on where you work. The following regions pay the most:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Far Western US | $63,872 | 10.5% | 0.63 |
| New England | $58,255 | 5.6% | 1.34 |
| Middle Atlantic | $57,331 | 15.4% | 1.02 |
| Plains States | $52,103 | 5.5% | 1.19 |
| Great Lakes | $51,293 | 18.8% | 1.33 |
| Rocky Mountains | $50,914 | 2.9% | 0.74 |
| Southeast | $47,621 | 21.9% | 1.27 |
| Southwest | $46,754 | 19.5% | 1.55 |
Where the Jobs Cluster
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| San Francisco-Oakland-Fremont, CA | CA | $76,880 | 270 |
| Sacramento-Roseville-Folsom, CA | CA | $76,180 | 100 |
| San Jose-Sunnyvale-Santa Clara, CA | CA | $75,280 | 150 |
| Seattle-Tacoma-Bellevue, WA | WA | $69,730 | 130 |
| Lincoln, NE | NE | $68,230 | 30 |
| Portland-Vancouver-Hillsboro, OR-WA | OR | $66,770 | 100 |
| San Diego-Chula Vista-Carlsbad, CA | CA | $66,290 | 190 |
| Fresno, CA | CA | $65,260 | 50 |
Industry Breakdown
The largest employers of credit counselors are concentrated in the following sectors:
| Industry | Employment | Median annual wage |
|---|---|---|
| Educational Services | 13,970 | $51,860 |
| Health Care and Social Assistance | 3,930 | $50,370 |
| Finance and Insurance | 3,920 | $49,580 |
| Professional, Scientific, and Technical Services | 3,480 | $48,380 |
| Management of Companies and Enterprises | 1,330 | $57,700 |
| Other Services (except Public Administration) | 640 | $44,500 |
| Administrative and Support and Waste Management and Remediation Services | 310 | $43,560 |
| Retail Trade | 250 | $60,000 |
Below are examples of industries where credit counselors work:
Software Credit Counselors Use
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Word processing software: Microsoft Word (hot technology)
- Enterprise resource planning ERP software: Oracle PeopleSoft (hot technology)
- Enterprise resource planning ERP software: SAP software (hot technology)
The Day-to-Day Environment
The on-the-job environment of credit counselors is shaped by the following characteristics:
- Telephone Conversations
- Spend Time Sitting
- Contact With Others
- Frequency of Decision Making
Getting Started in This Career
Entry-level credit counselors positions require a bachelor’s degree as the typical entry-level education. This occupation sits in Considerable Preparation Needed (Job Zone 4), reflecting the level of preparation typically expected.
Similar Occupations
Similar Occupations
- Financial Managers (Primary-Long)
- Accountants and Auditors (Supplemental)
- Credit Analysts (Primary-Short)
- Financial and Investment Analysts (Primary-Long)
- Personal Financial Advisors (Primary-Short)
- Loan Officers (Primary-Short)
- Tax Examiners and Collectors, and Revenue Agents (Supplemental)
- Tax Preparers (Supplemental)
Where to Study
Aspiring credit counselors typically earn programs in:
Business, Management, Marketing, and Related Support Services
3 programs across 1 majors
About the Data
Statistics shown above are sourced from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 13-2071.00 (Credit Counselors).
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