Credit Counselors

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$47,320 Median Wage (2022)
2,400 Projected job openings (2022-2032)
5.40% Projected growth (2022-2032)

Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explain loan requirements or restrictions. May help develop debt management plans or student financial aid packages. May advise on credit issues, or provide budget, mortgage, bankruptcy, or student financial aid counseling.

Experience Requirements Overview

  • Job Zone Four: Considerable Preparation Needed
  • A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  • Most of these occupations require a four-year bachelor's degree, but some do not.
  • Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education, Training and Experience

Required Level of Education: Bachelor's Degree

Related Work Experience: Over 1 year, up to and including 2 years

On-Site or In-Plant Training: Over 1 month, up to and including 3 months

On-the-Job Training: Over 6 months, up to and including 1 year

Detailed Work Activities

  • Correspond with customers to answer questions or resolve complaints.
  • Advise others on financial matters.
  • Assess financial status of clients.
  • Compute debt repayment schedules.
  • Develop financial plans for clients.

Work Values

Achievement

Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

Working Conditions

Recognition

Relationships

Support

Independence

Tasks

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

Work Styles

Achievement/Effort

Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

Persistence

Initiative

Leadership

Cooperation

Concern for Others

Social Orientation

Self-Control

Stress Tolerance

Adaptability/Flexibility

Dependability

Attention to Detail

Integrity

Independence

Innovation

Analytical Thinking

Data Source: This page includes information from the O*NET 28.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. This page includes Employment Projections program, Occupational Employment and Wage Statistics program, U.S. Bureau of Labor Statistics.