Credit Counselors
Credit counselors help people manage their money and get out of debt by creating personalized financial plans and budgets. They review clients' income, expenses, and credit reports using modern financial software, then provide advice on everything from student loans to preventing home foreclosure. These professionals work in banks, nonprofit organizations, or independently, often meeting with clients both in-person and virtually to discuss complex financial topics in easy-to-understand terms. A background in finance, economics, or business is helpful, along with strong communication skills and certification in credit counseling.
Did you know?
Most employers and states require credit counselors to obtain certification through organizations like the National Foundation for Credit Counseling (NFCC) or complete specific training programs.
At a glance
Typical average pay
$51,300 Avg/yr
Growth
Stable
Top skill
Speaking
Things to consider
Emotional Resilience
Credit counselors must be prepared to work with clients experiencing significant financial stress, bankruptcy, and emotional distress related to debt problems.
Income Variability
Salaries for credit counselors in the U.S. typically range from $35,000-$55,000 annually, with nonprofit organizations often paying less than for-profit financial services companies.
Key responsibilities
Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
Calculate clients' available monthly income to meet debt obligations.
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.
Estimate time for debt repayment, given amount of debt, interest rates, and available funds.