Credit Counselors: Career Profile
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 Do Credit Counselors Do?
The core tasks performed by credit counselors cover:
- 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.
What Credit Counselors Need to Know
Successful credit counselors combine a mix of skills and domain knowledge.
Key Skills
These are the skills that matter most in this role, rated on an importance scale of 0 to 5:
Core Knowledge
Related 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
Employment and Demand
There are roughly 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 |
Compensation varies based on experience, location, and industry.
How Much Do Credit Counselors Make in Different U.S. States?
| 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 |
Where Credit Counselors Earn the Most
Pay for credit counselors vary by region. Top regions by median wage:
| 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 |
Top Metro Areas
| 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 found across these industries:
| 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 |
The table below shows some of the most common industries where those employed in this career field 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)
Work Environment
The work environment for credit counselors reflects the following characteristics:
- Telephone Conversations
- Spend Time Sitting
- Contact With Others
- Frequency of Decision Making
How to Become Credit Counselors
Typical 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.
Related Careers
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)
Top Programs to Study For This Career
Students preparing for credit counselors typically earn programs in:
Business, Management, Marketing, and Related Support Services
3 programs across 1 majors
Sources
Data on this page comes 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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