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Credit Counselors
Credit Counselors 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.
Table of Contents
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.
Salary
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 states | Hourly | Annual |
|---|---|---|
| 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
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 |
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
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
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.
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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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