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Comment by kstenerud | Hacker News Reader

"DON’T BUY SHIT ON CREDIT, REMEMBER WHAT HAPPENED TO AMERICA? CASH ONLY, FUCKERS. CAN’T AFFORD IT? DON’T FUCKING BUY IT!"

This is almost right. Yes, never buy something you can't afford. However, your credit rating makes or breaks you in this world. Get a credit card, make a point of using it at least once every month, never keep it at more than 20% capacity, and ALWAYS pay it off (never carry a balance).

Credit ratings take YEARS to build. Start early.

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why do americans use credit cards so much? why not just use money you have? (genuinely curious)

Because we don't have money, it all goes to paying our credit cards.

I'm curious markyc. Do you have no plans for home ownership? Is home ownership rare in your society? In most of the U.S. home ownership is still possible for many, even those not wealthy. However it will require a mortgage for the vast majority and without a credit history you will not get a mortgage on reasonable terms.

got it, so it's about the credit history mainly

In Eastern Europe over 90% of people own their homes, but that's another story.

In the USA, there is literally no advantage to using debit cards. Provided you can keep up on your payments, not using a credit card is usually a bad financial decision.

I second you so much cashback is an awesome thing :)

If you don't buy things on credit you don't need a credit rating.

I don't think it is possible to disagree more.

I'm planning (plotting?) my Tiny House.

When I hear I need to build a credit rating I'm strongly reminded of the gamblers who claim they have a system.

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