All About Credit Counselors
Position Description 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
- Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
- Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
- Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
- Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
- Assess clients’ overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
- Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
What Skills Do You Need to Work as a Credit Counselor?
These are the skills Credit Counselors say are the most useful in their careers:
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.
Types of Credit Counselor
- Credit Balance Specialist
- Mortgage Loan Counselor
- Financial Aid Officer
- Credit Counselor
- Financial Aid Assistant
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. 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.
What is the Average Salary of a Credit Counselor
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.
Below is a list of the median annual salaries for Credit Counselors 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 |
Tools & Technologies Used by Credit Counselors
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 to Become a Credit Counselor
Individuals working as a Credit Counselor have obtained the following education levels:
How many years of work experience do I need?
Where Credit Counselors Work
Credit Counselors work in the following 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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