Credit Counselors and Loan Officers Salary in Michigan
Official Bureau of Labor Statistics Data - May 2024 - MI
Median Annual Salary in Michigan
$64,416
$30.97 / hour
▼ 4.0% below national avg
National Median
$67,100
$32.26 / hour nationally
COL-Adjusted Purchasing Power
$68,165
Missouri equivalent (COL: 94.5)
Credit Counselors and Loan Officers Salary in Michigan
| Percentile | Annual Salary |
|---|---|
| 10th (Entry Level) | $34,140 |
| 25th Percentile | $46,380 |
| 50th (Median) | $64,416 |
| 75th Percentile | $88,894 |
| 90th (Top Earners) | $110,796 |
| Source: U.S. Bureau of Labor Statistics OEWS, May 2024 | |
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Cost of Living Adjusted Salary
The Michigan median salary of $64,416 for Credit Counselors and Loan Officers has the purchasing power of approximately $68,165 in Missouri (the COL baseline state with index 100).
Michigan's lower cost of living (COL index: 94.5) means your salary goes further than in higher-cost states.
COL data: MERIC 2024 State Cost of Living Index. Missouri = 100 baseline.
Frequently Asked Questions
How much do Credit Counselors and Loan Officers make in Michigan?
Credit Counselors and Loan Officers in Michigan earn a median annual salary of $64,416 per year ($30.97/hr) according to BLS OEWS data (May 2024). This is below the national median of $67,100.
Is Michigan a good state for Credit Counselors and Loan Officers?
Michigan pays slightly below the national average for credit counselors and loan officers. Cost of living in Michigan is lower average (COL index: 94.5).
What is the cost-of-living adjusted salary for Credit Counselors and Loan Officers in Michigan?
After adjusting for cost of living (COL index: 94.5 vs. Missouri baseline of 100), the $64,416 salary in Michigan has the purchasing power of approximately $68,165 in Missouri. Lower living costs in Michigan increase real purchasing power.
How does Michigan compare to neighboring states for Credit Counselors and Loan Officers salaries?
For detailed comparison across all states, see the full Credit Counselors and Loan Officers salary page at the national level, which includes a complete 50-state salary table.
Top Paying Jobs in Michigan
| # | Job Title | Median Annual |
|---|---|---|
| 1 | Radiologists | $297,523 |
| 2 | Orthopedic Surgeons, Except Pediatric | $293,971 |
| 3 | Neurologists | $283,776 |
| 4 | Surgeons, All Other | $282,739 |
| 5 | Ophthalmologists, Except Pediatric | $261,005 |
| 6 | Psychiatrists | $239,806 |
| 7 | Physicians, Pathologists | $234,163 |
| 8 | General Internal Medicine Physicians | $233,606 |
| Source: BLS OEWS May 2024 | ||
About Credit Counselors and Loan Officers in Michigan
Credit Counselors and Loan Officers work in their specialized field applying expertise and skills to deliver value in their organization. This occupation is part of the business finance sector of the U.S. economy.
Education Required: Bachelor's degree
View national Credit Counselors and Loan Officers salary data →