What You Need to Know About Credit Counselor
Job Description & Duties 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.
What Do Credit Counselors Do On a Daily Basis?
- Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
- Interview clients by telephone or in person to gather financial information.
- Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
- Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
- Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
- 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.
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Qualities of a Credit Counselor
Credit Counselors state the following job skills are important in their day-to-day work.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Speaking: Talking to others to convey information effectively.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Types of Credit Counselor
- Credit Balance Specialist
- Counseling Program Leader
- Debt Management Counselor
- Consumer Credit Counselor
- Financial Aid Counselor
Is There Going to be Demand for Credit Counselors?
In 2016, there was an estimated number of 38,300 jobs in the United States for Credit Counselor. New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Credit Counselor by 2026. Due to new job openings and attrition, there will be an average of 3,800 job openings in this field each year.
The states with the most job growth for Credit Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.
Credit Counselor Average Salary
The average yearly salary of a Credit Counselor ranges between $30,440 and $76,690.
Credit Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.
How much do Credit Counselors make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $48,260 |
| Arizona | $45,880 |
| Arkansas | $49,770 |
| California | $53,170 |
| Connecticut | $57,500 |
| Delaware | $52,360 |
| District of Columbia | $77,690 |
| Florida | $45,530 |
| Georgia | $51,720 |
| Hawaii | $47,810 |
| Idaho | $42,490 |
| Illinois | $47,290 |
| Indiana | $45,030 |
| Iowa | $43,690 |
| Kansas | $47,910 |
| Kentucky | $44,590 |
| Louisiana | $36,840 |
| Maine | $40,880 |
| Maryland | $47,330 |
| Massachusetts | $57,600 |
| Michigan | $48,340 |
| Minnesota | $51,190 |
| Mississippi | $42,660 |
| Missouri | $53,250 |
| Montana | $44,540 |
| Nevada | $56,510 |
| New Hampshire | $45,850 |
| New Jersey | $68,360 |
| New Mexico | $37,870 |
| New York | $60,520 |
| North Carolina | $54,400 |
| North Dakota | $43,330 |
| Ohio | $51,200 |
| Oklahoma | $42,290 |
| Oregon | $48,090 |
| Pennsylvania | $55,770 |
| Rhode Island | $59,760 |
| South Carolina | $45,320 |
| South Dakota | $38,900 |
| Tennessee | $48,560 |
| Texas | $46,160 |
| Utah | $38,070 |
| Virginia | $50,860 |
| Washington | $48,230 |
| West Virginia | $38,910 |
| Wisconsin | $39,860 |
| Wyoming | $50,960 |
What Tools do Credit Counselors Use?
Below is a list of the types of tools and technologies that Credit Counselors may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Email software
- SAP
- Microsoft Dynamics
- Oracle PeopleSoft
- LexisNexis
- Freddie Mac Loan Prospector
- Chat software
How do I Become a Credit Counselor?
What education is needed to be a Credit Counselor?
How Long Does it Take to Become a Credit Counselor?
Where do Credit Counselors Work?
The table below shows the approximate number of Credit Counselors employed by various industries.
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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