Credit Counselors: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

Job description

Credit Counselors advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.

  • Assess clients’ overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.
  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  • Calculate clients’ available monthly income to meet debt obligations.
  • 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.
Read more about what does a Credit Counselor really do at work and what is it like being and working as one.



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Salary

Average salary
$49820 per year

Average hourly wage
$24 per hour


Credit Counselors with little to no experience tend to make between $30440 and $36230 while the more experienced ones can earn over $57800 per year.

Top 5 paying statesHourlyAnnual
DC$37$77,690
NJ$33$68,360
NY$29$60,520
RI$29$59,760
MA$28$57,600

One of the easiest ways to increase your salary as a Credit Counselor is to move to a higher paying state like DC. Right now, the highest paying states for Credit Counselors are DC, NJ, NY, RI and MA.

However, a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be twice as high than where you are currently at now.

Three other factors that can increase your salary as a Credit Counselor is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Credit Counselors what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a High School Diploma.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Banking and Financial Support Services
Financial Planning and Services
Credit Management
Read more about how to become a Credit Counselor and the degree, training and education you need.

Pros and Cons

Here are some of the pros and cons of being a Credit Counselor.

PROS
Suitable for people who likes to help and teach others
Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive environment
This career is perfect for people who love to work indoors.
Demand for this career is growing very fast
CONS
Not suitable for people who likes practical and hands-on work
Salary is below average
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.

What is the job like

Job satisfaction
70%

Is this job meaningful
47%


70% of Credit Counselors said they were satisfied with their job and 47% said they feel like their job is making other people’s lives better.


Is this right for me

Best personality for this career
The Helpers and The Entrepreneurs

You can read more about these career personality types here.

People who are suitable for this job tends to like working with, communicating with, and teaching people. They like helping or providing service to others..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.




Learn more about Credit Counselors

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Related career information

Credit Counselors job description, Credit Counselors salary, Credit Counselors information, what is the job of a Credit Counselor like, pros and cons about Credit Counselors, colleges and universities for Credit Counselors, is Credit Counselors the right career for me, careers in Business and Finance

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