According to data from the Federal Reserve Bank of New York, U.S. citizens held roughly $1.66 trillion in credit card debt, as of the end of 2024 — debt that can accrue an exorbitant amount of interest month to month. While the interest rates are generally lower, auto loan balances were even higher, at $1.66 trillion.
That means millions feel the emotional and financial burden of debt. Debt also hinders people from moving forward with life and getting credit needed to buy homes or make other large-scale financial decisions. Yet, while managing credit effectively is clearly a modern financial necessity, a FICO study found that 28% of the Gen Z population “do not consider themselves financially literate.” Further, 74% of U.S. citizens believe having access to financial resources and education would improve their financial situation.
This is where credit counselors come into the picture, providing a valuable service for people across the country. Professionals interested in pursuing this high-demand career can gain the skills they need through the online Master of Business Administration (MBA) in Finance program from Florida Institute of Technology. This advanced degree program prepares credit counselors with the tools to help guide others through the challenging landscape of credit and debt management.
What Is a Credit Counselor?
Credit counselors provide expertise on managing debt. They work with both individuals and organizations, although most frequently with individuals. That work can involve many facets of debt management and budget planning. They also provide insight into the best type of loan for different situations and explain how various loan requirements work.
They may provide counseling in specific areas, such as mortgages, student loans or bankruptcies. Credit counselors also assess a person’s financial situation and help them set up a monthly budget. They do this through one-on-one counseling or seminars and workshops. They may also help organizations prepare written credit counseling information to give to clients.
It’s a challenging but rewarding profession. As a rule, people do not want to talk about money, much less their debt. Credit counselors play a valuable role in sorting out credit issues before they worsen while helping to relieve stress and uncertainty around one’s financial situation.
Credit Counselor Job Description and Duties
The exact job description for a credit counselor can vary depending on their employment and the nature of the position. When working with individuals, credit counselors first assess the client’s financial position. This involves examining issues such as monthly income, available cash, amount of debt and bills owed each month. Credit counselors then use this information to help clients make decisions on important financial issues like the level of mortgage commitment they can safely afford.
Many focus specifically on people who find themselves in credit card debt. This is a prevalent issue, one that is more common than most people may realize, in large part because it’s not something people tend to discuss openly. Credit counselors help individuals by choosing a strategy that works best based on the specific situation, such as paying off high-interest debt first to avoid bankruptcy or foreclosure on a home.
Credit Counselor Career: Potential Salary and Job Growth
Most credit counselors work with credit counseling agencies. They may also work for a financial institution or for a school helping students with student loan issues.
This is a steadily in-demand job, correlating with the magnitude of debt people face. According to the U.S. Bureau of Labor Statistics (BLS), employment of credit counselors will increase 5% between 2023 and 2033, equaling roughly 2,300 job openings for qualified professionals each year. BLS estimates that credit counselors made a median annual salary of $48,570 in 2023, though wages for top earners exceeded $75,030.
While a credit counselor role is generally an entry- to mid-level position, the job provides excellent training and experience for professionals who aim toward higher-level careers in areas like financial management or risk analysis. In turn, these roles can prepare professionals for executive-level positions such as chief financial officer.
Logically, these upper-echelon finance roles come with substantial compensation. For instance, BLS reports that finance risk specialists made a median annual salary of $106,090, as of 2023, while financial managers made a median wage of $156,100 per year. ZipRecruiter reports the average salary for a CFO to be $261,533 per year, as of March 2025.
How Do I Become a Credit Counselor?
BLS reports that credit counselors generally need a bachelor’s degree to enter the field. Those with a background in business and finance could find it easier to land a credit counselor job. Professionals with experience and more advanced qualifications such as an MBA in Finance will leap ahead of the competition, both for landing a credit counselor job and for taking advantage of promotion opportunities.
According to O*NET OnLine, certain characteristics make people a good fit for credit counseling. They include:
- Concern for others
- Integrity
- Self-control
- Attention to detail
- Dependability
- Communication (both oral and written)
- Critical thinking
- Proficiency with appropriate technologies
- Advanced knowledge of finance and related subjects
With the debt issues that millions of Americans face, it’s more important than ever to have experts in debt and financial management providing guidance. Professionals with an interest in those issues and a desire for a dependable job focused on helping others should consider a career in credit counseling.
Learn more about Florida Tech’s online MBA in Finance program.
