If you want to see yourself as a debt manager or a debt consolidator, you are required to be passionate about handling finances of others. Debt consolidators generally work as third parties and eventually create a financial plan for their clients, who are drowning in debts.
Here are the steps by which you can become a successful debt consolidator.
Step 1: Have a Diploma: As the first step of entering into this career, you are required to obtain the relevant degree. For different jobs, different educational requirements are needed. Most of the service-oriented companies will look for the candidates possessing at least a high school diploma or the equivalent education.
Step 2: Obtain Higher Education: Though higher education is not mandatory in every organization; you can obtain higher education to gain success in the debt management industry. Here are some educational paths you can opt for:
You can go for a bachelor’s degree in business administration, finance, financial management or economics. The degrees will help you in gaining an in-depth study of managing the business or finance. You can also gain the management and sales skills by obtaining these degrees.
Obtain an associate’s degree in business management or financial management. You will learn the fundamentals of risk management, debts, financial law and investments. If you are currently working, you can opt for night classes or online classes.
Step 3: Work Experience: If you want to stay in the debt consolidation or debt management field, you need to possess some work experience in this field. You can work in telesales and gain experience for 2 years. It can be during school or right after you finish school. If the experience is in the financial sector, it can be even more worthwhile.
Step 4: Earn the License: You should earn a debt management license in your state if it is required. Though the requirements may vary from state to state, you can work as an independent debt manager by submitting the application, going through the practice sessions, passing an exam and paying the licensing fees. If you are hired by any organization or trained by a company, the debt consolidator may not require any license.
Step 5: Search for Jobs: Search your jobs online in non-profit or private debt consolidation agencies. You can look into advertisements in local newspapers or go through the classified boards online to find the right organization for you.
Step 6: Apply According to Your Preference: You can apply with for-profit debt consolidation agencies that offer high commissions for the debt consolidators. If you want to work with secured loans, you can go for non-profit organizations or can become a private debt manager on your own.
A successful debt consolidator maintains positive relationships with creditors. Communication and negotiation skills help in discussing terms on the behalf of the debtors. So, besides the educational requirements, you need to be excellent with your communication skills.
David Wicks is a patent and trademark attorney and a partner in a leading business law firm in San Diego. Read his blog on infringement litigation, patents, and trademarks.