Careers in Debt, Profitably So

Debt settlement approved. Photo courtesy of Shutterstock.

The recent economic collapse may have resulted in widespread financial loss but it has created a lot of profitable careers in the debt settlement industry. Debt settlement is the quickest and most rapidly expanding sector of the financial market and it appeals to those who are trying to get out of the economic recession and make profits from it. Those who are targeting demanding and well-rewarded careers should consider debt related careers as more and more debt companies provide debt related services for alleviation of the indebted and their problems. Debt settlement negotiators are now in demand as creditors now strive to figure out how to negotiate credit card settlements and other debts.

Debt settlement has the creditor forgive a debt on the basis of compromised lump sum payments and the debt settlement negotiator acts as the agent for those debtors who find themselves incapable of making monthly payments. The debt settlement negotiator solicits the creditors for a compromise on behalf of the debtors and they offer the clients with the prospect of immediate settlement at an amount which is lesser than the original principle.

In order to be an effective and successful debt negotiator, the professional needs to have excellent communications and interpersonal skills which give them the upper hand while negotiating. They are also required to have good presentation skills in order to lay down the conditions prevalent and desired by the debtor. Though a career in debt settlement does not require licensing or specific skills, it is highly recommended that the prospective negotiator have training in accounting and finance and they will arm the negotiator with adeptness and a certain professional element which will be beneficial to the client. Experience in customer relations and PR and marketing are also recommended. The professional should also consider purchasing a license bond in compliance with the Bankruptcy Abuse Prevention and Consumer Protection Act, 2005 as it gives the professional state accreditation.

The debt negotiator is generally paid on commission and the demand for such jobs does make the commissions worthwhile. There are also other professionals such as debt settlement agents in the field of debt settlement and banks and creditors along with non-profit companies offer such careers. The candidate should prepare a resume which highlights their skills and their character qualifications for such a job and also state any prior experience in a related field as that is generally consequential in selection.

The field can be a taxing one and one which is often emotionally charged as the debtors are mostly in a lot of financial strain by the time they opt for debt settlement. This requires the debt settlement professional to be strong and to be calm even during times of great stress as they can only be useful to their clients if they can keep their heads under pressure and help with the process of settlement. They also need to advise their clients on how to negotiate credit card settlement or other debts and it is imperative that the debt negotiator be updated with the latest happenings in the debt settlement market which has grown in such leaps and bounds on that back of the economic tragedies of the past few years.

There are also certificates that can be received from places such as the National Foundation for Credit Counseling and they provide access to programs for debt settlement agents and counselors.

Bio:

Lionel is a debt settlement professional who was into the field of asset management prior to the economic collapse of 2008. Lionel took a keen interest in the field of debt settlement and his experiences have been shared with those who themselves have taken an interest in making a career in debt settlement. Lionel has helped many people negotiate their credit card settlements and avoid foreclosures and he provides advice on how to do so regularly. To know more click here.