I know that I’m not alone when I say that the last year has been a crippling one financially speaking. I went from making good money at a great job to being unemployed and watching everything from my savings to my investments dwindle in front of my eyes. The job market has continued to be difficult and I just recently was able to find another job after almost a year of being out of work. There’s only so far that severance and unemployment can take you and I am regretful to say that I lived quite a bit on my credit cards. It was my only choice at the time but unfortunately that only helps in the short term because as the balance increased so did my minimum payments and before long I was not able to keep up with them either. I fell behind, owed hundreds of dollars in late fees, and watched my credit score plummet.

Now that I am working again my first order of business is to pay off my debt and start to rebuild my credit. It may take me quite a bit of time but it is time well spent to see my credit score improved again which I will closely monitor through my credit report.

One of the ways in which I am planning on helping myself is through secured credit cards. Different than traditional cards, secured credit cards require the amount of your credit line to be secured in a savings account held by the lender. This protects the lender from risk – and the user from requesting too large of a credit limit.

Secured credit cards are controlled and one way in which I can begin the work of rebuilding my credit. It will be a long road but one that I’m anxious to travel.

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