Thinking of a New Career Path? Here’s How You Can Build One in Debt Consolidation

Posted March 17, 2015 by
Consolidate debt 3d words help assistance combining financial bills

Consolidate debt 3d words help assistance combining financial bills. Photo courtesy of Shutterstock.

It really is helping people

Whether you are looking to work for a non-profit organization or one that is for profit, what you will be doing as a debt consolidator is to help people realize financial freedom, perhaps for the first time in their lives. So it is a great choice if you love helping people.

Getting down to business

However, beyond the warm fuzzy feelings of helping financially troubled people, there is the business side of things that you have to be aware of, and prepared for, if you really want to get into this career.

1. Get an education

While you could get a job as a debt manager with a high school diploma, it is advisable to apply for a college degree in finance related courses. This way, you will be able to navigate through the jargon that comes with the job and advise your client accordingly.

You could either get the four-year full-time bachelor’s or go for night/online classes for a two-year associate’s degree. Either way, get an education.

2. Get your license

This is not a requirement for all states, but make sure to have one should your state require it. The license is mostly for freelance debt managers, so if you will be working for an established firm, you may not need it.

3. Experience in sales

There are many overlapping elements between sales and being a debt manager, one of which is having the gift of gab. You need to be able to represent your client’s position clearly while making it appear beneficial for both parties. This is a skill that you can pick up from sales jobs. Further, sales people work with a quota which they have to meet as do debt managers, so this will prepare you to handle that.

4. Good relationship with creditors

You need to be able to build that in order to act successfully on behalf of your client. This is especially important for the independent debt manager. Building this rapport will increase your chances of getting a good deal for your client and getting many more clients as a result.

5. Determine your preference

You can work in debt consolidation in any of three ways: independently, in a non-profit company or in a for-profit company. The choice is entirely yours.

Independent debt managers have the advantage of offering more detailed debt management plans geared to suit their client’s unique situations, unlike large consolidation firms. However, you will need to have years of experience to be able to give proper direction to your clients.

Non-profits focus more on counseling and educating their clients than on the quotas. As a result, they are more low pressure, which also means they have lower pay and fewer incentives.

For-profits are exactly the opposite. They are focused more on the quotas than on client education. As a result, there is more money to be earned here along with the higher pressure to perform.

6. Send your application

Having decided where you want to work, send your application citing all your training and experience, and hope for the best.

Author Bio

Genevieve Arthur is a career mentor and author of a best-selling book on how to decide which career path is right for you. Find more information by clicking here.

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