What Do Credit Counselors Do (including Their Typical Day At Work)

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. They also assess clients’ overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.

Other tasks include:

• 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.
• 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.
• Interview clients by telephone or in person to gather financial information.
• Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.

We asked Credit Counselors how satisfied they are with their job. Here is what they said.

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70% of them said they were satisfied with their job and 47% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Credit Counselors 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. They assess clients’ overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.

A typical day for a Credit Counselor will also include:

• Calculate clients’ available monthly income to meet debt obligations.
• Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
• Interview clients by telephone or in person to gather financial information.
• Prepare written documents to establish contracts with or communicate financial recommendations to clients.
• 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.

We asked some Credit Counselors a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	100% said yes
	How important is it to work in a team in this job?	33% said very important
	Do you have group discussions everyday in this job?	76% said yes
	Do you talk or work with customers everyday in this job?	70% said yes
	Do you have to deal with angry customers everyday in this job?	21% said yes
	Do you have to make decisions everyday in this job?	55% said yes

Other responsibilities

Besides their typical day, Credit Counselors also teach courses or seminars on topics such as budgeting, management of personal finances, or financial literacy. They may also explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.

On a weekly to monthly basis, Credit Counselors Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments. They might also Disburse funds from client accounts to creditors.

In addition, they Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.

Although specific duties may vary, many of them Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.

To some Credit Counselors, it is also their responsibility to Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or payment plans.

Working life

Standard 40 hour work week

Regular schedule like a 9 to 5

In a typical work week as a Credit Counselor, you can expect to work 40 hour work week.

Is this right for me

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.

You can read more about these career personality types here.

Explore other careers

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