When you think of debt lawyers, you probably think of the types of jobs you can get in a firm.
They specialize in debt management and debt collection, and have access to a wide range of legal services, including collection, debt management, and credit card processing.
In the last decade, though, the cost of a debt lawyer has increased exponentially, and you’re now paying the price.
According to the National Association of Debt Counselors (NADCP), the average debt lawyer’s salary is $2.2 million, and it’s growing.
According for 2015, debt lawyers were responsible for nearly one in five debt collections and one in four credit card debt collection.
Debt lawyers make an average of $300,000 annually, and the average client with credit card debts is $30,000 in debt.
But the number of debt attorneys in the U.S. has grown by 50% over the last 10 years, and according to a study by the National Consumer Law Center (NCLC), nearly $1.5 trillion of consumer debt has been racked up.
And the trend is continuing.
“There is a lot of interest in debt collection for consumers,” says Michael Zuniga, president of Zunigan and Associates, a debt collection firm based in Washington, D.C. “And the number one thing for consumers is to know what their options are.”
To help you understand what your debt attorney’s salary could be, we sat down with Zunigas partners to find out how much he makes, and what he expects from a debt attorney.
What do you make?
Debt lawyers are paid a salary of about $2 million.
According the NADCP, the median salary of a lawyer is $1 million.
For comparison, the average salary of an attorney is $500,000, and their average clients have credit card balances of more than $1,000.
The average attorney’s hourly wage is $300.
The NCCL, however, says that the average hourly wage of a public defender is $100,000 and their median hourly wage for a judge is $70,000 a year.
According that, the salary for a debt defense attorney is only $150,000 for one-year tenure, or $25,000 per month.
Zunigans partners also told us that his salary will increase every year, as he’s getting more experience and he’s gaining more client contacts.
Who is your debt client?
If you’re in the debt collection business, you’re probably already familiar with debt clients.
In fact, many debt clients have debt.
According a survey of more that 200 debt lawyers conducted by the NCCC, a majority of the debt clients are either students or people with low credit scores.
These people have the highest debt loads, with average debts totaling more than the median consumer in their household.
According in the NCA’s 2015 Survey of Lawyer Compensation, “the average student debt debt is over $35,000.”
But the debt load of an average American is much smaller than that, at about $20,000 to $40,000 each.
So what makes a debt client different?
Zunigs debt clients include all kinds of consumers.
“Our clients range from individuals, to small businesses, to large corporations, to government agencies, and they’re all equally important,” Zunigoas says.
“They’re all consumers.”
He adds, “We also have debt collections clients.”
A debt attorney can help resolve debts that consumers are trying to resolve, as well as collections on things like mortgages and car loans.
The firm can also help with collection of medical bills, including those that may have a history of medical problems.
In addition, the firm can help consumers file for bankruptcy and set up bankruptcy plans.
Zuns debt clients often have a family, and he can help them with child support, or help them pay for things like mortgage payments or car payments.
Who are your debt clients?
Debt is a complex issue.
There are many different types of debt, from the simplest, to the most complicated, to those that involve more than just debts.
According NCCS, there are four categories of debt that can be addressed in a consumer debt lawsuit: credit card accounts, auto loans, personal loans, and mortgages.
Some of the most common types of credit cards that can result in credit card bills include Chase, Mastercard, and American Express.
There is also the option to file for the bankruptcy protection plan.
Other credit cards you can file for include Visa, Discover, and Bank of America.
Personal loans are different than credit cards, and are often called “unsecured consumer loans.”
They can also be forgiven in bankruptcy.
For example, if you owe $50,000 on a car loan, you can set up a bankruptcy to set aside the remaining amount and then pay the rest of the money in a bankruptcy plan.
Mortgage debt can also affect your credit score