A Guide to a Host of Successful Debt Consolidation Careers

A spendthrift lifestyle that necessitates instant gratification and access to readily available credit has resulted in huge consumer debts for most American households as they have been living way beyond their means. Moreover, advertisements are constantly reinforcing and instilling in young minds, the idea that having debts is quite normal and purchasing what you want on credit is something that is widely accepted and a usual way of life.

According to https://www.nerdwallet.com, credit card balances that are carried from one month to another are constantly on the rise and have reached a whopping $423.8 billion at the beginning of 2019 as per the annual analysis by NerdWallet about household debt in the United States. Moreover, we understand that overall consumer debt in the United States reached $13.3 trillion during the last quarter of the year 2018.

The current debt scenario is pretty overwhelming and the common people do not know how to get out of the debt trap. Hence, debt managers, debt counselors, debt consolidators, loan managers, and everybody attached to debt consolidation are much sought after these days since they are proficient and well-trained in dealing with complex debt situations. The debt consolidation professionals would help individuals in managing their finances in such a manner that they could eliminate their debts effectively.

Debt Manager

Debt Managers are given a lot of importance because numerous people are grappling with overpowering debts due to the financial crisis. These professionals help in educating and advising people regarding effective ways of dealing with their debt. They help in guiding their clients so that they identify the loan type that would best suit the occasion and explain all the associated requirements and restrictions. They would be providing expert assistance and professional guidance on crafting effective plans for managing all your existing debts. If you are having a passion for finance then you could pursue a successful career in debt relief services in reputed organizations such as NationaldebtRelief.com.

Role & Responsibilities

Debt Managers are supposed to be designated third-party officials who are known to help debtors with smart ways of repaying their outstanding debts via an effective debt management plan. They provide professional advice to individuals with debt issues that are getting completely out of control. They help in organizing debts, making debt payments to the previous creditors so that their clients could avoid bankruptcy. They help debtors to choose the most appropriate debt relief option. Debt management involves chalking out an effective debt relief plan along with the debtor. Sometimes, they may be compelled to even negotiate with their client’s creditors for reducing the debt amount and getting the best repayment terms possible for their clients.

Qualifications

Debt Managers must possess a bachelor’s degree from a reputed institution preferably in finance, business, accounting, law, economics, or mathematics. Those individuals who are well-trained in investment, taxes, and even risk management would be given more preference for the job. Debt Managers require a set of people’s skills. Individuals who have exceptional command over both verbal and written communication skills could consider pursuing a career as a Debt Manager. He must necessarily possess organizational and math skills.

Debt Counselor

A debt counselor is known to work with his clients for providing emotional and practical support to assist them in managing complicated personal debt. We understand that a debt counselor has the responsibility of handling complex debt situations, assisting clients to effectively manage their finances and ultimately become debt-free.

Role & Responsibilities

Debt counselors provide practical assistance and invaluable advice to their clients regarding issues that include budgeting, financial planning, bankruptcy, and money management, etc. Debt counselors are required to liaise with their clients’ creditors and they often negotiate on their behalf. They also, provide legal advice relevant to their client’s case and are always present to support and help their clientele with court proceedings. They offer emotional support also, to those clients who seem to be anxious or stressed regarding their financial health.

Role of Debt Counselor in Debt Consolidation

Debt consolidation is quite a popular and effective stratagem for reducing debt. We understand that a qualified debt counselor could help you in clearly understanding the merits and demerits of debt consolidation. Professional debt counselors provide relevant advice regarding what all to look for, provided his clients choose to opt for a debt consolidation loan for consolidating their multiple debts into one single bigger loan to be repaid only once every month at usually a lower rate of interest. With such a plethora of competencies, choosing debt consolidation as a career today is just right for everyone who seems to be passionate about all kinds of financial advisory services.

Educational Prerequisites

If you wish to be a debt counselor, you need to be proficient in financial matters and possess exceptional interpersonal skills. Even though employers do not seem to follow any standard educational prerequisites, you must possess a bachelor’s degree preferably in accounting, finance, economics, and any other allied subject. You could build a solid career in debt consolidation provided you have a sound understanding of finance. However, you could be considered for a debt counselor’s position even if you are having a degree in psychology, human ecology, and social work, etc. since providing emotional support to clients is a critical aspect of a debt counselor’s job. You would require professional certification or accreditation by the state you are residing in. Do not apply for this position with just a basic high school education without any work experience as you would find career growth quite tough while competing with more qualified professionals.

Loan Officers

When clients apply for a debt consolidation loan, a qualified loan officer in a debt consolidation company or agency comes to their aid. Loan Officers are responsible for understanding and discussing clients’ needs. They should recommend the top loan products and assist their clients by putting together a comprehensive loan package. Loan Officers also, need to work and coordinate with the underwriting team all through the loan process.

Responsibilities of a Loan Officer

The chief responsibility of Loan Officers is to meet with clients for determining their requirements and to recommend the best loan products to cater to their unique goals. A Loan Officer must have sound knowledge of the company’s loan products and he must know all the qualifications needed for a debt consolidation loan applicant. He must be able to identify and recommend loan products that not only cater to the clients’ requirements but that are as per the company’s lending guidelines. He must necessarily use professional judgment for determining specifically which potential borrowers would present risks in the future for the company.

Loan Officer Skill-set

A Loan Officer must possess a Bachelor’s Degree preferably in Finance. He must have adequate experience and expertise related to the consumer loan industry. Needless to mention a Loan Officer must have exceptional customer service skills and excellent communication skills. Moreover, he must possess mathematical skill and attention to detail.

Conclusion

A career in the debt consolidation industry could be fulfilling for individuals who have a passion for math and finance. Individuals who love to help people in financial distress and solve their issues are the right candidates for debt-related jobs in a debt consolidation agency or company. We have seen that debt consolidation jobs necessitate proficiency in finance and the candidates must necessarily possess interpersonal skills and empathy to pursue successful debt careers in this fiercely competitive field.

 

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