When someone is deep in a debt hole, and has no hope of coming out of it, the last resort for that person is to go for a debt consolidation company. A debt consolidation company is where a person in debt goes to, ask them to negotiate with the creditors and in turn the creditors offer the person some more time and lower interest rates to pay off the debt. What’s the profit of debt consolidation companies in this? The company gets their fees from the savings you make or they might take some fee from the creditors for doing the job of debt collection on their behalf. Considering the large portion of the population in debt, the need of debt counselors is definitely all time high.
The job of a debt counsellor is to analyze the financial situation of the client, lay out different financial options for him, and create a solid plan for the client in order to get him out of debt. Different other options also include pointing out the underlying reasons to which the client has been turning the blind eye. That is, the debt counsellor has a difficult job of pointing out the apparent mistakes of his client which has led him to slide into debt.
Debt consolidation sales can be easily boosted if you are a good deb counsellor. The average annual salary for debt consolidation representative is around $30,000 to $55,000. Well, this is just the salary, add the additional sales commissions and various bonuses to that salary.
A debt counsellor needs to have very good communication skills, negotiation skills and firm knowledge in the field of debt consolidation. He is also expected to have knowledge about the current scenario in the world of finance to properly guide the client. Debt consolidation representative does not need a very high college degree. A person having above skills and little education (up to High school diploma) can also apply for such jobs. Again, the guarantee of a job depends solely on your skills.
The salary of a debt counsellor or a debt consolidation representative varies greatly on the state he is working in. Certain states tend to have higher sales, while certain states have poor earnings. We have to look at the states which have higher cost of living. Such as the state of Massachusetts, Maryland, New Jersey, California have the earnings more as compared to the states with lower cost of living. This is so because people tend to slide into debt very easily in these regions of the country. Therefore, you may consider moving to these cities if you are looking ahead to do a career as a debt counsellor.
Having a job as a debt counsellor or a consolidator can be satisfying because the debt consolidation industry is booming due to the fact that there is financial crisis in the country, unemployment is still high, and cost of living is increasing every day. Looking at the current state of this country, the financial situation does not appear that it would improve anytime soon, and there is a lot of opportunity for career in this profession.