Occupation Summary

Credit Counselors

O*NET 13-2071.00

Description:

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.

Annual Wages:
$45,418.00
Employment Rate:
Employment is expected to increase by 12.15%.
Education Level:
Bachelor's Degree. According to O*Net, the majority of people employed in this occupation have this level of education.
Endorsement:
Business and Industry

  1. Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
  2. Assess clients' overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.
  3. Calculate clients' available monthly income to meet debt obligations.
  4. Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  5. Estimate time for debt repayment, given amount of debt, interest rates, and available funds.
  6. Explain services or policies to clients, such as debt management program rules, advantages and disadvantages of using services, or creditor concession policies.
  7. Interview clients by telephone or in person to gather financial information.
  8. Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
  9. Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or payment plans.
  10. Prepare written documents to establish contracts with or communicate financial recommendations to clients.
  11. 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.
  12. Recommend educational materials or resources to clients on matters, such as financial planning, budgeting, or credit.
  13. 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.
  14. Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
  15. Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
  16. Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
  17. Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
  18. Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
  19. Disburse funds from client accounts to creditors.
  20. Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
  21. Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
  22. Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.
  23. Teach courses or seminars on topics, such as budgeting, management of personal finances, or financial literacy.


National Industry Employment Patterns


Industry % of Credit Counselors employed Annual Growth Rate
Colleges, universities, and professional schools 34.1 0.35
Other professional, scientific, and technical services 11.7 1.24
Junior colleges 9.5 0.00
General medical and surgical hospitals 6.8 0.45
Nondepository credit intermediation 6.2 0.96
Technical and trade schools 3.7 0.00
Legal services 2.3 0.00
Offices of physicians 2.3 1.34


Labor Market Information


2023 Statewide average hourly wage $21.84
2023 National average hourly wage $25.69
2022 National employment 32,800
2022 Texas employment 3,135
Texas projected employment by 2032 3,516
Texas projected annual employment and Turnover openings through 2032 261




TEXAS COUNTY MAP BY WORKFORCE DEVELOPMENT AREA
* Due to confidentiality rules, not all regions may have the data displayed. The sum of all the regions may not be equal to the state total.


Top 10 Relevant Knowledge Areas Relevant Importance Levels
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
92.80%
English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
81.60%
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
72.80%
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
69.60%
Education and Training
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
68.80%
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
65.60%
Psychology
Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
60.00%
Communications and Media
Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
59.20%
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
59.20%
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
58.40%


Top 10 Relevant Skill Areas Relevant Importance Levels
Speaking
Talking to others to convey information effectively.
80.00%
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
77.60%
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
77.60%
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
75.00%
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
75.00%
Active Learning
Understanding the implications of new information for both current and future problem-solving and decision-making.
72.40%
Service Orientation
Actively looking for ways to help people.
72.40%
Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
70.00%
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
70.00%
Persuasion
Persuading others to change their minds or behavior.
67.60%


Top 10 Relevant Abilities Relevant Importance Levels
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
82.40%
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
80.00%
Written Comprehension
The ability to read and understand information and ideas presented in writing.
77.60%
Written Expression
The ability to communicate information and ideas in writing so others will understand.
75.00%
Problem Sensitivity
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
75.00%
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
75.00%
Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
75.00%
Information Ordering
The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
65.00%
Near Vision
The ability to see details at close range (within a few feet of the observer).
65.00%
Speech Recognition
The ability to identify and understand the speech of another person.
65.00%


  • Getting Information
    -- Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Working with Computers
    -- Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Documenting/Recording Information
    -- Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
  • Making Decisions and Solving Problems
    -- Analyzing information and evaluating results to choose the best solution and solve problems.
  • Updating and Using Relevant Knowledge
    -- Keeping up-to-date technically and applying new knowledge to your job.
Other Activities


  • 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.
  • Relationships
    - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.



Tools

Inkjet printers: Inkjet printers;

Laser fax machine: Laser facsimile machines;

Laser printers: Laser printers;

Notebook computers: Laptop computers;

Personal computers: Personal computers;

Scientific calculator: Financial calculators;

Special purpose telephones: Multi-line telephone systems;


Technology

Data base user interface and query software: CoreLogic DebtorTrace; LexisNexis Accurint; Merlin Information Services databases; Microsoft Access;

Electronic mail software: Email software; Microsoft Outlook;

Enterprise resource planning ERP software: Oracle PeopleSoft; Microsoft Dynamics; SAP software;

Financial analysis software: Freddie Mac Loan Prospector; ICCO CreditSoft; Integrant DebtLogic; Paragon Financial Services Paragon Financial System; Prime Debt Soft Debt Settlement; Prime Debt Software Credit Repair; Cooperative Processing Resources DMS Professional Suite;

Information retrieval or search software: LexisNexis;

Internet browser software: Web browser software;

Network conferencing software: Chat software;

Office suite software: Microsoft Office software;

Presentation software: Microsoft PowerPoint;

Spreadsheet software: Microsoft Excel;

Word processing software: Microsoft Word;


Related O*NET occupational titles for Credit Counselors include:
  • 43-3011.00 Bill and Account Collectors
  • 13-2041.00 Credit Analysts
  • 43-4041.00 Credit Authorizers, Checkers, and Clerks
  • 43-4061.00 Eligibility Interviewers, Government Programs
  • 13-2051.00 Financial and Investment Analysts
  • 11-3031.00 Financial Managers
  • 43-4131.00 Loan Interviewers and Clerks
  • 13-2072.00 Loan Officers
  • 13-2052.00 Personal Financial Advisors
  • 41-3031.00 Securities, Commodities, and Financial Services Sales Agents


Sources of Additional Information
  • For more information about careers in credit counseling and professional certification, visit: Association for Financial Counseling and Planning Education (AFCPE)
  • Financial Counseling Association of America (FCAA)
  • National Association of Certified Credit Counselors (NACCC)
  • National Foundation for Credit Counseling (NFCC) 
  • Credit Counselors

  • Contact Texas Workforce Commission
    Labor Market and Career Information  |  101 E. 15th Street, Annex Room 0252  |  Austin, Texas 78778
    Official Website  |  1-800-822-PLAN (7526)  |  512.936.3200

    ** The information in this report may be derived from many sources like O*NET, BLS (Bureau of Labor Statistics), OOH (Occupational Outlook Handbook), and Career One Stop.