What You Need to Know About Credit Counselor
Example of Credit Counselor Job 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.
A Day in the Life of a Credit Counselor
- Assess clients’ overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
- Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
- Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
- Prepare written documents to establish contracts with or communicate financial recommendations to clients.
- 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.
- Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
What Every Credit Counselor Should Know
Below is a list of the skills most Credit Counselors say are important on the job.
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.
Service Orientation: Actively looking for ways to help people.
Related Job Titles
- Retention Specialist
- Credit Counselor
- Financial Wellness Coach
- Financial Aid Counselor
- Credit Specialist
Is There Job 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. There will be an estimated 3,800 positions for Credit Counselor per 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.
Do Credit Counselors Make A Lot Of Money?
The typical yearly salary for Credit Counselors is somewhere 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|
|District of Columbia||$77,690|
What Tools do Credit Counselors Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Counselors:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Email software
- Microsoft Dynamics
- Oracle PeopleSoft
- Freddie Mac Loan Prospector
- Chat software
How do I Become a Credit Counselor?
Education needed to be a Credit Counselor:
How Long Does it Take to Become a Credit Counselor?
Who Employs Credit Counselors?
Below are examples of industries where Credit Counselors work:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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