I know this might just reflect financial culture differences across countries, but let’s give it a try

Edit: as a clarification, I meant credit card compared to debit, not to cash

    • Frog-Brawler@kbin.social
      2·
      1 year ago

      You clearly listen to too much Ramsey. No credit is a credit score of 0. Bad credit is 580. It is going to take time to repair either one but if you’re running a race, do you want to start at 0, or 2/3 of the way to the finish line?

      Even if rates are 10%, ownership is better than paying a landlord rent. Equity, equity, equity… High interest rates are when you upgrade or purchase more property to build wealth. Just ride it out and refinance when the rates come down.

      Having a high credit score makes everything easier. A high credit score is also something required for certain jobs. Ramsey comes up with “workarounds” for when his advice about not having credit doesn’t work out.

        • Frog-Brawler@kbin.social
          1·
          1 year ago

          When I checked my credit score last month, it was 847. I’m sure I’m doing better than 99% of people in that regard.

          When interest rates are high, there’s less demand and as a result prices are lower.

          Keep listening to Ramsey. This conversation has devolved into something I’m no longer interested in, so I’m checking out… have a good one.

        • JackbyDev@programming.devEnglish
          1·
          1 year ago

          They’re not moving the goal posts from good debt to own vs rent, the reason a mortgage is good debt to have is because it is better than renting. Consider taking out a loan for something that has zero benefit, like a statue or yourself or something stupid. That’s bad debt because it provides no benefit. Being in a home builds equity. Your putting your money into a 30 year hole very slowly but it’s better than a bottomless pit.