How Much Do Credit Counselors Charge?
Consumer credit counseling has gained popularity in recent years, but how much do credit counselors charge? Cost for these services can vary widely, according to the findings of recent research conducted by the National Financial Educators Council. Those seeking help with debt relief should review a credit counseling company’s requirements, services they offer, and terms very carefully. And individuals who are researching how to become a credit counselor who earns top dollar will benefit from knowing the average fees a counselor charges.
How Much Does a Credit Counselor Cost?
So how much do credit counselors or student loan debt counselors charge, on average? The range is wide – from free to several hundred dollars an hour – with the reasons behind the large differences in price sometimes difficult to distinguish. We found that the main distinctions between the amounts credit counseling firms and agencies charged involve level of personal attention and robustness of services provided. Some governmental agencies offer credit counseling for free, whereas many companies charge an enrollment fee plus monthly service fees. The US Department of Justice offers a FAQ page about credit counseling on its website.
Other Alternatives – Financial Counselors
If you’re seeking an answer to, “How much do credit counselors charge?” it’s important to mention alternative pricing methods for a financial counselor or credit coach. Specifically, package pricing can be based on reaching a certain goal (for example, increasing one’s credit score or creating a debt reduction plan). It’s also important to note that investment advice may not be part of the services offered, according to Security & Exchange Commission (SEC) guidelines which state that unlicensed financial counselors may not provide investment advice.
