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Credit Counselor

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AVG. SALARY

$57,390

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Increasing

What They Do

Credit Counselors Career Video

Insider Info

A credit counselor evaluates a person's debt-to-income ratio. That means they figure out what percentage of a person's income is left over after bills are paid. They then help that person to budget or make adjustments to their budget to relieve the stress of being unable to pay all their bills on time.

Clients come to credit counseling agencies on a voluntary basis. But often, the desire to avoid a foreclosure or stop debt collection proceedings is the motivating factor.

Court systems may recommend credit counseling in some cases. But there is no record of a court ordering a person into credit counseling.

Credit counselors meet with individuals to learn facts about the debt they owe, their income and their financial situation. Then the counselor works out a budget or debt consolidation program to help the individual repay the debt more comfortably.

Credit counselors also act in a supportive role. They help to relieve the anxiety and stress of their clients. They also teach students and consumers how to balance checkbooks, create and maintain budgets and manage money.

Credit counselors usually work in offices during the hours of 9 to 5. But occasionally, they go out into the public to teach money management skills.

They can be self-employed. But few are. That's because working for an agency gives counselors the opportunity to be certified and receive specialized training.

Other companies that employ credit counselors include banks, finance and credit card companies. Employment for credit counselors in these other industries is on the rise. Companies are beginning to take counseling into their own offices.

Just the Facts

Want a quick overview of what this career is about?Check out Just the Facts for simple lists of characteristics.

At a Glance

Help people get their finances under control

  • A growing number of banks, finance and credit card companies are hiring credit counselors
  • You have to be able to deal with people who are stressed and anxious about their financial situation
  • A degree isn't necessary, but you will need to be certified

Contact

  • Email Support

  • 1-800-GO-TO-XAP (1-800-468-6927)
    From outside the U.S., please call +1 (424) 750-3900

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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.