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.

Median Annual Wage: $42,110

Education: Bachelor's degree (42%); High school diploma or equivalent (19%); Associate's degree (19%)

Projected Growth: Faster than average (15% to 21%)

Related Job Titles: Credit Counselor; Counselor; Assistant Director for Financial Literacy; Certified Consumer Credit and Housing Counselor; Certified Credit Counselor; Certified Personal Finance Counselor; Counseling Program Leader; Financial Coach; Financial Health Counselor; Financial Wellness Coach

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Source: O*NET OnLine information for Credit Counselors.

More Business and Financial Operations Careers

  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  • Calculate clients' available monthly income to meet debt obligations.
  • Interview clients by telephone or in person to gather 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.
  • 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.
  • Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
  • Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
  • Prepare written documents to establish contracts with or communicate financial recommendations to clients.
  • Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies.
  • Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
  • Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
  • Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
  • Estimate time for debt repayment given amount of debt, interest rates, and available funds.
  • Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
  • Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
  • Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
  • Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
  • Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
  • Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
  • Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
  • Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.

Source: O*NET OnLine information for Credit Counselors.

  • 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.
  • 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.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Persuasion - Persuading others to change their minds or behavior.

Source: O*NET OnLine information for Credit Counselors.

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