Don’t Buy a Home When You’re Broke and in Debt

The financially smartest way to buy a home is to pay off all debts, save up, and be able to pay at least 20 percent on the down payment. Designifty/Shutterstock

Dear Dave,

I’m thinking more seriously about buying a home in the next year or so. It seems like the housing market has cooled off a bit, so I am also planning to get a secured credit card to help me rebuild my credit score in the meantime. I make $60,000 a year, and I have about $15,000 in debt and $3,100 in savings. Is this a good idea and a good start toward getting my credit back on track and taking control of my finances?