Salary and Outlook

According to the US Department of Labor, there are 35,300 people employed as credit counselors in the United States. The median annual salary is $47,580. Entry level employees earn approximately $35,240 per year and senior employees earn approximately $75,230 per year.

Estimates do not include other potential benefits such as health insurance, overtime pay, or retirement benefits that may be offered by employers.

Job Duties

• 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.
• 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.
• 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.
• 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.

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