Credit Counselor Salary


How Much Does a Credit Counselor Make?

On average, a Credit Counselor make $50,230 a year. The lowest-paid 10 percent made $31,670, while the top-paid 10 percent made $76,740.

Annually National Average Salary: $50,230

$31K
$37K
$50K
$58K
$76K
10%
25%
50%
75%
90%

* Based on information from the May 2019 salary report from the BLS.




Salary by State

  • Annually
  • Monthly
  • Hourly

Annual Salary by State

State10% Annual25% AnnualAvg. Annual75% Annual90% Annual
Alabama$29,630$36,340$49,120$57,660$74,300
Alaska$37,940$43,730$56,320$67,240$78,550
Arizona$26,880$32,600$40,270$46,690$56,190
Arkansas$25,760$33,500$51,810$62,350$106,360
California$35,270$42,550$53,950$62,340$78,010
Colorado$38,580$42,850$51,180$57,630$64,020
Connecticut$33,750$38,970$48,350$54,450$63,390
Delaware$33,110$38,860$49,150$54,900$74,320
District of Columbia$46,240$54,110$74,220$93,540$116,630
Florida$30,720$34,720$43,690$48,830$62,210
Georgia$30,930$35,700$53,480$65,450$91,310
Hawaii$41,120$44,530$51,860$57,700$64,960
Idaho$23,960$28,740$38,720$41,530$57,450
Illinois$28,100$34,590$46,280$55,580$64,970
Indiana$26,470$30,440$43,100$51,420$62,560
Iowa$30,650$35,610$45,950$50,960$68,920
Kansas$29,320$34,960$50,580$53,470$81,280
Kentucky$30,720$36,480$49,380$55,500$78,290
Louisiana$26,190$30,460$35,810$40,900$48,220
Maine$31,670$35,770$42,950$48,090$53,780
Maryland$33,100$37,750$46,280$51,370$62,370
Massachusetts$36,890$43,500$59,240$70,450$84,450
Michigan$32,800$40,040$49,750$58,500$68,820
Minnesota$34,130$41,890$50,750$57,680$64,550
Mississippi$27,640$32,540$42,460$47,320$70,720
Missouri$33,190$38,400$53,760$62,770$76,620
Montana$31,070$33,630$38,540$41,480$50,070
Nebraska$32,140$36,610$49,450$61,270$73,830
Nevada$35,520$40,710$53,670$70,450$78,760
New Hampshire$33,640$37,240$45,430$49,810$62,500
New Jersey$41,720$48,880$71,190$80,760$121,240
New Mexico$28,590$33,130$38,820$43,280$50,790
New York$40,200$46,450$63,510$78,090$97,080
North Carolina$33,270$39,310$56,990$69,220$97,200
North Dakota$33,730$36,800$44,750$50,000$61,970
Ohio$34,230$39,480$51,180$59,570$74,610
Oklahoma$28,450$33,860$47,030$56,120$74,330
Oregon$34,420$40,430$49,800$54,340$67,300
Pennsylvania$35,100$41,490$55,350$62,330$84,560
Rhode Island$44,720$50,670$60,520$67,420$80,650
South Carolina$30,770$34,900$44,650$52,020$63,780
South Dakota$28,040$32,140$39,420$45,190$49,850
Tennessee$30,090$34,840$44,680$50,290$69,140
Texas$26,880$32,990$44,110$49,380$67,680
Utah$27,910$33,900$41,850$48,140$58,280
Vermont- NA -- NA -- NA -- NA -- NA -
Virginia$33,340$38,670$51,850$59,360$75,970
Washington$30,780$39,220$50,100$59,490$72,300
West Virginia$29,740$33,470$40,250$42,410$56,130
Wisconsin$33,180$36,030$42,580$47,370$54,080
Wyoming$33,800$36,220$53,270$55,310$114,820
Puerto Rico$23,010$29,300$41,250$47,600$52,050

Annual Average Salary: Top 5 States

The top earning state in the field is District of Columbia, where the average salary is $74,220.

These are the top 5 earning states in the field:

District of Columbia - $74,220
New Jersey - $71,190
New York - $63,510
Rhode Island - $60,520
Massachusetts - $59,240

Credit Counselors: Salary Overview

Credit counselors advise individuals or companies on how to acquire and manage debt.

Their job description typically includes explaining loan requirements and providing advice on the best type of loan.

Credit counselors may also design debt management plans and prepare student aid packages.

According to the Bureau of Labor Statistics, the median annual wage for credit counselors was $45,950 per year or $22,09 per hour as of May 2019.

This means that half the workers in this profession earned less than this amount and half earned more.

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Salaries in this field vary based on a wide range of factors, such as experience, education, and industry of employment.

The best-paid 10 percent earned more than $76,740 per year while the lowest 10 percent made less than $31,670 per year.

Credit Counselor Salary by Industry

According to the Bureau of Labor Statistics credit counselors typically work for colleges, universities, or professional schools, for credit intermediation companies, for junior colleges or for hospitals.

Their biggest employer, colleges, universities, and professional schools, offered credit counselors a mean annual wage of $50,800.

Credit counselors who work in the field of credit intermediation and related activities earned, on average, $51,920 while those who work for nondepository credit intermediation companies made $52,650 per year, on average.

The average wage was $50,750 per year for credit counselors who worked for junior colleges and $44,400 for those who were employed by hospitals.

According to the BLS, the highest-paying industries for credit counselors were the field of grantmaking and giving services, automobile dealers, and companies that provide securities, commodity contracts, and other financial investment and related activities.

The mean annual wage for credit counselors who worked in the industry of grantmaking and giving services was $86,150- almost double the average for this profession.

Automobile dealers paid credit counselors, on average, with $78,770 a year.

Credit counselors who worked for companies that provide securities, commodity contracts, and other financial investment and related activities earned, on average, $67,750 per year.

However, these high-paying fields hired only a few credit counselors, therefore job openings may not occur very often.

Credit Counselor Salary by Level of Experience

Salaries for credit counselors also vary based upon the counselor’s level of experience.

As an entry-level employee, you should expect a salary that is close to the minimum for this profession, somewhere in the range of $30,000 a year.

Your salary will likely increase after earning a few years of experience; experienced credit counselors may earn more than $70,000-$80,000 a year.

Bonuses and Additional Cash Compensation

As a credit counselor, you may also earn commissions and bonuses, along with your base salary.

These additional compensations can supplement a credit counselor’s total earning by several thousands of dollars a year.

According to glassdoor.com, on average, credit counselors earned $3,800 in additional cash compensation as of July 2020.

According to the same report, cash compensations for the best-paid credit counselors can sum up to more than $90,000 a year.

Commissions and bonuses vary widely depending on the credit counselor’s level of communication skills and customer relationship abilities.

Salaries for credit counselors are also influenced by their education and if you want to earn a starting salary that is higher than the minimum for this profession you should first earn a degree in finance, business, economics, or a related field.

Speaking more than one language may also help you get a better-paying job.

Credit counselors are in some cases required to earn a state certification before practicing this profession.

Even if this is not a requirement, certification may help you earn a higher salary.

In conclusion, becoming a credit counselor can be a financially rewarding career if you’re passionate about finance and you have good communication skills.

* Based on information from the May 2019 salary report from the BLS. The figures represent accumulated data for all states of employment for Credit Counselors. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.

* Employment conditions in your area may vary.


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