Credit Cards

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A community for discussing any aspect of credit cards. It is important to pay them in full and on time. Please ask questions and contribute to the knowledge surrounding credit cards

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Do you actually need credit to buy things? (lemmy.world)

submitted 3 months ago by [email protected] to c/[email protected]

29 comments fedilink hide all child comments

Hey, I was wondering if someone needs credit to buy things. People in my family have said I wouldn't be able to buy a car or a house without credit. But if I'm saving up cash to pay for things outright, do I really need credit?

Note: I’m sorry if this is the wrong place to ask.

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[–] [email protected] 8 points 3 months ago (2 children)

That's great, but that entire time you've (assumably) been paying rent. You've saved up enough to buy a house for cash, but also spent enough to buy an entire second home.

You'd stand to gain significantly if you bought the house earlier. Rent paid is burnt, but a mortgage paid is building equity in your hone.

[–] [email protected] 1 points 3 months ago

I might be renting a house soon, but my family has been making me really nervous about it, which is what they do. The rent is $2.4K per month, and it includes industrial equipment like sinks, and fiber optic internet. That $2.4K covers everything I need. The house itself is $1.3K. They say I should be making at least three times the $2.4K rent, but I’m making about $4K every month.

[–] [email protected] -1 points 3 months ago

It's a really nice place, and I want it. It's in a higher median economic class within my state, and I aim to succeed and elevate myself into Royal society, you know? It's like a game to me: you work, earn enough money, and beat each economic level. Then, you move to another state, and even if you've conquered every level in one state, you might have to start at the bottom or middle in a more expensive state.