Debt Consolidation as a Career Option: Money Made by Debt Consolidation Representatives

January 28, 2019 0 Comment

Debt consolidation is considered to be the last and most important resort before people declare bankruptcy when they find it difficult to meet the financial obligations. The debt consolidation industry is blooming in a great manner and most of the organizations are looking for the debt consolidation representatives. The debt consolidation representatives are responsible for working over their phone and contact those people who have responded to the advertising of the organization, which the representatives are associated with. They are responsible for selling the services of debt consolidation to these people and charge a certain amount of fee. The services that they are responsible for providing enable the clients to consolidate the bills, which results in a low monthly payment. The debt consolidation representatives can earn more money in comparison to the representatives who are associated with various other services.

It is not a bad idea to start your career in any debt consolidation organization as a sales representative. Also, if you have a knack for the finance industry, this is definitely an ideal way of starting your career. In order to become a debt consolidation representative, it is crucial that you have the ideal communication skills for communicating with the clients. After all, the main responsibility of the representatives is selling services on behalf of the organization, and they have to be convincing enough. Their communication skill is going to compel the people to purchase the services of the company. It is an interesting and exciting career option. Also, the salary is high and this is what has encouraged numerous graduates to enter the field of debt consolidation.

However, before you enter this field, it is crucial that you have an idea about the total salary that the present debt consolidation representatives are already getting.

Salary as well as qualification

The average salary, annually, for the debt consolidation sales representatives is almost $30,000. These representatives can also earn an additional bonus or commission, which is going to help in increasing the yearly earnings that they have. The minimum requirement for this particular job is a diploma from high school along with one year of experience as a sales representative.

There is a high chance that employers are going to pay for the representatives who already have knowledge as well as experience in the field of debt consolidation or in any financial industry. The various other requirements include paying attention to the details, communication skills, perseverance, great customer service, and ideal negotiating skills. Without these necessary skills, it is practically impossible to become a debt consolidation sales representative because your main objective is to convince people to choose your organization for consolidating their loans.

Salary in accordance with the region

The salary for the debt consolidation sales representatives is known to vary within the various regions of the United States. In the southern region, the representatives earn a high salary of 36000 dollars in Washington DC and the low salary of 25000 dollars in Louisiana. The representatives of the Western region made around $20,000 to $32,000 every year in California and Hawaii. In New York and Maine, these sales representatives earned almost $36,000 and $26,000 respectively. Towards the Midwest, they earned almost $20,000 to $33,000. This is definitely an amazing pay scale for the ones who are just starting. Apart from this, they are also going to get a bonus as well as commissions if they are performing in a great manner in the organizations.

Contributing factors

The experienced debt consolidation sales representatives are known to have better skills, which is responsible for resulting in more sales as well as high commissions, which means, more money. The sales representatives who belong to Washington DC and Massachusetts are known to earn a lot more in comparison to the other places because the cost of living is a lot more in comparison to the district of the state. For instance, the debt consolidation sales representative, who is earning $35,000 in a place like Memphis should at least make $56,000 in a place like Boston, so that the living standards can be maintained. A $60,000 salary is necessary for staying in Washington.

Job Outlook

The United States Bureau of Labor Statistics has not been forecasting any job for the debt consolidation sales representatives. However, it has been projected that there is going to be almost an increase of 32% jobs for the position of financial advisors by the year 2020. This is definitely a huge growth rate in comparison to all the other jobs. This huge rate can be an ideal barometer for the debt consolidation sales representatives because numerous people had various financial troubles, since the recession in the year 2007. Go through for gaining knowledge about debt consolidation loans.

Banks or credit unions

Nowadays, even the banks and credit unions are offering personal loans, which have low interest rates. This means that you can also be a part of the banks or the credit unions and work towards consolidating the loans of the customers. Numerous people are switching to the banks instead of going to private debt consolidation organizations. This is why you can be assured that you can establish your career in the banks as well.

If you do not want to work under any organization, you always have the option of starting your own business. If you start your business, you are going to be responsible for consolidating the multiple loans of your clients into one single loan, which has a low rate of interest and a single payment at the end of each month. You should be capable of assisting your clients to put all their existing loans together. There is no doubt to the fact that the living costs are rising with each passing day and more people are finding themselves in more and more debt. According to, 73% of the Americans died in the year 2016, due to the excess stress of debt.


Due to the total loans that the individuals have, they are constantly looking for debt consolidation as an ideal debt relief option. This is why the vacancies in the organizations are also increasing. Ensure that you educate yourself about the salary before you start as a debt consolidation sales representative in an organization.

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