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
Disburse funds from client accounts to creditors.
Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or payment plans.
Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
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.
Refer clients to social service or community resources for needs beyond those of credit or debt counseling.