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How to Start a Debt Counseling Business

What are the skills that are needed in starting a debt counseling business? Is this an in demand and lucrative business nowadays?

What are the roles of a debt counselor? What is the training that a debt counselor must undergo before she/he starts advising clients?

These are details you need to know before you start a debt counseling business.

When it comes to advising people, especially if they are desperate you need to be compassionate and approachable, you need to be a good and active listener, able to converse well both in written and oral, you also need to be neutral and not judgmental, have an open mind and take pleasure in assisting people in their needs and welfare, have a genuine concern for the client.

What are the roles and obligation of a debt counselor to their clients?

  • Discuss money crisis with your clients and support them in their situation.
  • Help them set priority on how to pay their debts and endeavor to reduce their debt
  • Provide ways on how to budget their money and ensure that they obtain advantage and benefit they are entitle to receive
  • Provide expert legal help and support, together with representation of the client during court procedures
  • Able to be reached any time of the day
  • Works directly, and personally with the person
  • Provides a careful planning on how to pay the financial responsibility of the client

A debt counseling business provides solution for people who have financial obligation and has difficulties in paying them this can be caused by bankruptcy.

 

What are the essential requirements that are needed before you can start your debt counseling business?

People will be looking at your profile before they seek your help, a debt counselor needs to have a bachelor’s degree preferably in psychology, business major in finance or education. Has strong communication skill as you will be speaking in behalf of the clients to the creditors.

Obtain the proper licensed that is require in the state you are in to set up a debt counseling business, meet the terms with the state and national authority to get the licensed required. Get in touch with the Secretary of State for further assistance for filing purposes

Build up a useful marketing promotion to contact debtors who require of counseling. Provide brochures, leaflets and print ads for information about your debt counseling business. You may also try creating a website for the service that you are offering, present available skills they can choose from and are available. Provide calling cards as well.

Set up your office at a commercial place where customers will have easy access toy you, provide an open communication by having a phone line they can contact or a mobile phone where they can reach you easily, A computer and internet access will also be necessary as they can send and received emails coming from you for updates on their financial status.

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