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? (self.creditcards)

submitted 4 months ago by DaddysLittleSlut to c/creditcards

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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[–] whyrat 3 points 4 months ago

Fair point; I was throwing around off-the-cuff numbers. You're right that 15 or 30 year mortgages are the time frames to calculate around.

The inflation adjustment is valid too. If rates drop refinance options are available at the mortgage holder's convenience (assuming their terms allow it, but most do); but taking advantage of decreasing rent often requires a move; not nearly as easy as a purely paperwork based refinance.

My mindset is still stuck in the 2010s; when inflation was mild & rates were at historic lows for nearly the entire decade.