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What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?
- Thread starter Frank Goad
- Start date
Heyo
Veteran Member
Why do you need a high credit score if you plan not to use credit?
Soandso
ᛋᛏᚨᚾᛞ ᛋᚢᚱᛖ
Because many things in life are unlocked when you have a better credit score. Cheaper cell phone bills, instant approval when you want to qualify for big ticket items such as an apartment or housing, lower or no extra interest on things you want to buy that require payments like cars. It just makes life easier and more sustainable if you want to be independent
Heyo
Veteran Member
Ah, OK. Must be a US thing or something I'm unaware of. The only thing I bought on credit is my house.
Soandso
ᛋᛏᚨᚾᛞ ᛋᚢᚱᛖ
Could be! You can get by without credit in the US, but if you are already poor then not working on credit or having bad credit will keep you poor
That’s an exaggeration. How is it robbery?
I abhor credit cards. However, if you want to own a home in the US, you've either got to take out a car loan or get a credit card. We chose the credit card. You've gotta build your credit up with it, or you'll never get a home loan. And, like @Soandso says, not having good credit keeps you poor around here.
I use debit cards most of the time, for convenience. Sometimes have cash, if I'm going to the farmer's market. Though I don't keep it in my pants, I stick it in the bra, along with my wrenches, screwdrivers, keys, and silica packs. (I really need a toolbelt bra.) The credit cards have been cut up. I have a sneaky husband with sneaky ways, and he put us in major debt with those damned things and we had to be 'rescued' by a family member. So, no more of that.
I use debit cards most of the time, for convenience. Sometimes have cash, if I'm going to the farmer's market. Though I don't keep it in my pants, I stick it in the bra, along with my wrenches, screwdrivers, keys, and silica packs. (I really need a toolbelt bra.) The credit cards have been cut up. I have a sneaky husband with sneaky ways, and he put us in major debt with those damned things and we had to be 'rescued' by a family member. So, no more of that.
As far as I'm aware, I don't have a credit score. I've never used credit. I hear the word thrown around a lot, but I'm not really aware what a credit score is.
What use would one be to someone who eschews credit?
Soandso
ᛋᛏᚨᚾᛞ ᛋᚢᚱᛖ
Hmmm... I wonder if credit is more important for folks now than it used to be? If I didn't have good credit, my apartment wouldn't have accepted my application without having someone else sign my lease as a co-signer. Neither would my cell phone provider have offered me a plan, and I'd be forced to pay more on a burner phone and plan
I feel like people used to get more value for their money, so people could afford things more easily than they can now. If people are already established coming into this day and age, they'd be ok now it seems. For those starting from the ground up today, though? Might be a bit more difficult to afford things on the wages available now unless they have a better than average job. There's a reason why so many gen z and millenial folks are living paycheck to paycheck
More Than Half of Gen Z and Millennials Say They Live Paycheck to Paycheck
Over half of Gen Z and millennial respondents surveyed by Deloitte say they live paycheck to paycheck, and expect that the economy will stay the same or worsen over the next year.
I think in general, credit is more of a younger person concern; my parents certainly didn't have to deal with it.Hmmm... I wonder if credit is more important for folks now than it used to be? If I didn't have good credit, my apartment wouldn't have accepted my application without having someone else sign my lease as a co-signer. Neither would my cell phone provider have offered me a plan, and I'd be forced to pay more on a burner phone and plan
I feel like people used to get more value for their money, so people could afford things more easily than they can now. If people are already established coming into this day and age, they'd be ok now it seems. For those starting from the ground up today, though? Might be a bit more difficult to afford things on the wages available now unless they have a better than average job. There's a reason why so many gen z and millenial folks are living paycheck to paycheck
More Than Half of Gen Z and Millennials Say They Live Paycheck to Paycheck
Over half of Gen Z and millennial respondents surveyed by Deloitte say they live paycheck to paycheck, and expect that the economy will stay the same or worsen over the next year.www.investopedia.com
Why? I bought my house and all of my vehicles by just writing a check, and with full ownership I have no interest payments or insurance requirements.
Buying a house for, say, a hundred thousand dollars (just to keep things simple), with a 40 year mortgage, You'd end up paying three or four hundred thousand before you have clear title. Paying three times the price of something just so you can have it immediately doesn't sound like good money management to me.
And then there are all kinds of other mandatory payments, to insure the lenders and what not. It's all too byzantine and risky for a simpleton like myself.
I think in general, credit is more of a younger person concern; my parents certainly didn't have to deal with it.Hmmm... I wonder if credit is more important for folks now than it used to be? If I didn't have good credit, my apartment wouldn't have accepted my application without having someone else sign my lease as a co-signer. Neither would my cell phone provider have offered me a plan, and I'd be forced to pay more on a burner phone and plan
I feel like people used to get more value for their money, so people could afford things more easily than they can now. If people are already established coming into this day and age, they'd be ok now it seems. For those starting from the ground up today, though? Might be a bit more difficult to afford things on the wages available now unless they have a better than average job. There's a reason why so many gen z and millenial folks are living paycheck to paycheck
More Than Half of Gen Z and Millennials Say They Live Paycheck to Paycheck
Over half of Gen Z and millennial respondents surveyed by Deloitte say they live paycheck to paycheck, and expect that the economy will stay the same or worsen over the next year.
Both cash and a credit card. Credit cards extend your flexibity in paying, and as long as you pay them back immediately (with a bank transfer -- that's easiest) you won't have to pay any fee. Cash is good, because it creates you (an individual) as a momentary business and allows you to patronize cash-only businesses of which there are many! Using cash money keeps it in use, and we need it. Its important that the government respect our right to privacy and autonomy. If we don't need cash and privacy today we will soon. Thrift and consignment stores love cash as do used bookstores. There's also nothing more handy than cash when someone is fundraising for a good cause; and there's nothing more handy than cash when you go into business for yourself.
What really is the advantage of a debit card? They don't help you track your expenses usually. Its no better than cash, except that you need an internet connection to pay someone.
What really is the advantage of a debit card? They don't help you track your expenses usually. Its no better than cash, except that you need an internet connection to pay someone.
Until fairly recently, I doubt most people outside of banking had ever heard of a credit score. I never did. I suspect it's an artifact of the avalanche of buy now, pay later advertising, promising an exciting lifestyle, lots of bling, and the envy of your friends -- for just a small, monthly payment, with low interest.
It is a fairly recent phenomenon. But, it seems to be how the game is played now, if you want to own your own home. I hear renting is more difficult without a good credit score, but I didn't have any trouble with it(keep in mind I was renting low cost from low maintenance landlords on the rough end of town; it would have been different if I'd wanted anyplace more middle class).
Your other options would be to get a loan from a wealthy family member, but few have family that wealthy and willing to give large loans. You could live at home with family until you're able to afford it out of pocket, but unless you're buying a real fixer upper, you may end up inheriting the family home by the time you have enough money for that.
Maybe the credit economy has produced so much poverty and insecurity, landlords and businesses are reluctant to sell/rent to someone without references. It didn't used to be that way.
They could afford things because they saved up for them, and could do so because they weren't burdened with interest payments on status markers bought on credit to impress theirfriends.
When you get your license at 16, don't try to impress your friends by buying a car on credit. Buy a cheap bike. By the time you're 17 the money you saved could get you a better bike, or junker car, bought out-of-pocket. Again, the interest and insurance savings will get you a cheap apartment at 18, and soon a better car -- sans interest or insurance payments. A decade later you'll be living the same lifestyle as your friends who bought cars at 16, but with money in the bank and no debts or monthly payments, while they'll be struggling to balance their bankbooks, living paycheck to paycheck, and hoping no unexpected financial catastrophes occur.
If you buy only what you can afford out-of-pocket, and live below your means when your young, you won't have to worry about money or credit scores when you're older.
Heyo
Veteran Member
It is when you factor in that you'll have to pay rent all the time until you have saved enough to buy that house. That rent can be higher than your interest and you get nothing for it that you can keep.
Can be...
A valid point, but rental expenses vary a lot, whilst homeowner responsible expenses for a detached house are usually considerable, hence the appellation "money trap."
Me, I started off in a commune, later shared apartments, then cheap, single apartments. I saved enough deferring purchase of an owned, detached dwelling, to buy same, out-of-pocket, sans mortgage and certain insurance expenses.
syo
Well-Known Member
What's atm card?What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?For me it is ATM.