Do you know what consumer financing is? A lot of people don’t, which is why Bernshtam felt it was time to increase people’s understanding of it to a degree. Examples of consumer credit include loans and credit cards, or essentially any financial option that enables people to buy homes, cars, college schools, and so on. The world of consumer finance, clearly, is huge, which is also why so many people consider it as a career.
Bernshtam on Careers in Consumer Finance
If someone wants to start to work in consumer finance, they usually become sales agents. They will work with customers to help them find the best credit card for their needs. These are different from debit cards, which banks offer, because there are limits on how much someone can spend and there are clear guidelines on how much someone must pay back each month. Some people may have had credit cards in the past, whereas others are completely new to it.
As a sales agent, you will know all the benefits and features of the credit card you try to sell. You will have to find people who want to transfer to that particular credit card, thereby increasing the customer database. Doing this is known as debt consolidation.
But there are numerous other consumer finance products that you can work with as well. This includes revolving credit, installment loans, interest free loans, financing campaigns, and more. As you become more experienced you are likely to deal with more complex issues as well, such as deciding whether or not to approve a loan for a card holder. If you approve this, it means that people can use their credit to buy cars, pay for tuition fees or home improvements, and so on.
As you move through the ranks, you may just find yourself takin on a position at the head office, where you will analyze how customers behave. If, for instance, suddenly someone makes a very large purchase, you will have to contact them to verify whether that is correct, thereby preventing identity theft. Alternatively, you could work in the approval department, looking at people’s credit history and using that to determine whether or not they should be given any finance.
Indeed, you could also work in institutions that help people rebuild their credit. You could, for instance, offer debt counseling, helping people who have spent beyond their means. Your role here will be to make sure they can pay their debt back and regain financial stability.
The field of consumer finance, as you can see, is very wide and varied. It is also believed that the field will continue to grow tremendously over the coming years. Since the Great Recession of 2007/2008, there has been a significant change in how consumer finance is provided and on whether or not people are approved. This is to make sure nobody overstretches themselves to too great an extent anymore and find themselves having to pay back unmanageable debt.