Credit Counselor

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Work Tasks

CREDIT COUNSELORS counsel individuals in debt, and find solutions for their financial problems to avoid filing bankruptcy. They analyze client accounts to determine the client's credit status. They meet with clients to estimate available monthly income after living expenses to meet credit obligations. They establish payment arrangement. They negotiate with creditors to obtain lower payments, reduce interest rates, and waive fees. They calculate the amount of debt and funds available to plan a method of payoff and estimate time for debt liquidation. They open accounts for clients and disburse funds directly to the creditors as agents for the clients. They keep records of account activity.

Salary, Size & Growth

• $55,500 average per year ($26.75 per hour)
• A large occupation (155,400 workers in 2010)
• Expected to grow rapidly (3.0% per year)

Entry Requirements

Employers prefer to hire CREDIT COUNSELORS with a bachelor's degree or some post-secondary school education in psychology, sociology, economics, business, or finance. Previous experience is helpful. Some state agencies require credit counselors to be licensed.