Abylay Zhakashov
Persuasive Speech Outline
I. Introduction: A. Attention Getter: How many of you have credit card debt? An average
American household has credit card debt of $10,000.
B. Audience Relevance: Credits cards are something that most of us here use almost
daily; however, the knowledge about how they work is floating on the surface.
C. Credibility: Personally, I am very cautious when it comes to money and personal
finance. I want to know everything about the financial tools I use. That is why I read two
short books before I even applied for a credit card.
D. Thesis and Preview: It is important to know how to use credit cards to your
advantage, and I will show you how to choose a proper credit card, why you should pay
off your
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Also, if your credit rating is low, you might receive the worst pre-approved offers from
banks such as Credit One, or First Premiere bank with interest rates of 50% and up.
“101 Powerful Tips for Legally Improving Your Credit Score,” a book published by
James E. Driscoll in 2012 suggests that you rip up those terrible offers because identity
thieves might be going through trash to get your pre-approved application, send it out
and get the card in your name with no intention of making payments. Credit card
companies also love people who have been bankrupt. Those people have shown their
skills of enriching the banks, so banks target them.
Transition (signpost, review, preview): Now that we know a little bit about choosing a
credit card, next, let’s see why you need to pay off your balance in full every month.
I. Main Point 2: It is important to pay your credit card balance off every month. If you do
so, you are not going to pay any interest, your credit score will stay healthy and you
personally will be better off without any high interest debt.
A. Subpoint A: If you pay your balance in full every month, you are taking advantage
For example, if you have a balance of $3,768.75 on a credit card, and you want to pay it off in exactly 1 year, you will need to pay $314.06 per month to pay the principal on the balance. However, there is still monthly interest to take into account. If you are being charged $66 in interest every month, then you will not be able to pay off that credit card in 1 year simply by paying the principal. You have to pay both the principal and the interest each month, for a total of
I asked her did that sound familiar? Now we began the discussion on her Financial DNA Personal Environment appraisal. It was of importance for Janet to understand the effects of one’s environment and how this was the first step in resolution by developing strategies to move forward (Massie, 2006, p. 144). I informed Janet that implementing a strategic debt pay-down as part of the actual budget and financial plan was her in road to financial stability. Janet welcomed this idea and felt now was the time to correct her thinking and approach to financial decisions. I suggested that we apply the spend down plan in accordance to Dr. David Murphy (n. d) in the lecture Spending and Debt on alleviating credit card debt. Dr. Murphy (n. d) asserts, “Pay off smallest first. Once smallest is paid off, add that payment to second debt. Once the second debt is paid off, add that payment to third debt, etc. until all debts are paid (p.
2. Do you often pay close to the minimum payment on your credit cards because of lack of available funds?
Robb and Sharpe (2009) mentioned that in doing so, credit card companies placed students in peril of excessive spending and cultivating financial adversities (p.25). To counteract this issue, a concerned group of individuals encouraged university and college campuses to limit credit card vendor access to students. The intention of the study was to examine the role that knowledge of personal finance concepts and principles may play in college students’ decision to revolve a credit card balance in the level of balance
...ge. On top of that, a sudden increase in credit portrays you as a much higher risk than someone who has steadily built up accounts and credit as needed.
Everywhere public place you go it is hard not to run in to the idea of the credit card. You will see credit card logos on the front of every business. Every department store you go in has it’s own version of a credit card from Target to Macy’s. The Diner’s Club Card that originally was only for businessmen to eat lunch at 27 different restaurants. Now it is accepted almost everywhere. And for everything else there’s Mastercard……(or Visa, Discover Card orAmerican Express.
As college students now, we know how important it is to know about how to avoid debts because many of us are or will rely on student loans to get through our higher education. Champlain College’s Center for Financial Literacy used national data to grade each state in the United States on how much effort is put into providing financial literacy for their high school students. Based on the information gathered in 2015 only 5 states obtained a letter A grade on their financial literary education; these states are Utah, Missouri, Tennessee, Alabama, and Virginia. These states require their students to take between half a year to a whole year of a either general financial literacy or personal finance. It is unclear how the student achievement is measured after taking these courses, but the resources to learn about what to expect are provided and are required to be able to graduate from high school, which cannot be said about all other 45 states in our country. 11 of the states were given a letter F grade, including our beloved California. These states do not offer finance classes alone or embedded into other courses. Although the achievement of students who take these courses is not exactly measured after graduating it is still significant information for them to carry with them into their adulthood. Many high school graduates will enroll in a community college or a 4-year university and will be targeted by credit card companies because they lack the knowledge on how important credit is and how to avoid debts. This is not only a worry shared by the graduating students but by the parents as well. MasterCard gave a survey to its cardholder members and 64 percent of these adults said they were worried that their
For this assignment I attended a credit card workshop. I decided to attend the “know your credit score” workshop for class because I wanted to get a better understanding of how credit works. Currently, I do not own a credit card and I am not too familiar with how the process of getting one and maintaining a good credit score works. Since I will be graduating this coming June and credit card companies will be contracting me soon after, I felt as though it would be to my best interest to start building a basic knowledge of how credit cards work. Additionally, I felt this workshop was important to attend because it would give me insight in how to maintain a good credit score and avoid some of the common mistake the people make with their credit cards. Lastly, since ones credit score is the basis of how they are judged of their reliability to payback loans and other general purchases I felt as though this would be a very informative and helpful workshop to attend.
Credit cards are something that are almost needed in everyday life now, as most dont have the money available to purchase a car or house and so need credit, thus needing credit cards to help build that credit. Those cards are hard to handle, and receiving applications in the mail daily, and commercials appearing on television don’t seem to make the struggle of staying away any easier. This starts to spark an interest. So people begin to think, "I think I 'm responsible enough to get a credit card, I 'll only use it for emergencies." Then the application process begins and it may take a couple times to finally be approved for one. This only makes it worse, of course, because realizing how long a credit card wasn’t applicable to life, but now
pay with your credit and debit cards without having to take them out of your wallet. This is one
By offering consumers both a means to pay for goods and services and a source of credit to finance such purchases, credit cards have become the most widely used credit instrument in the United States. As a payment device, credit cards are a ready substitute for checks, cash, and debit cards for most types of purchases (Federal Reserve, 2013).
Questions like “what is most important?” and “what is needed?” are commonly asked to help provide a focus toward where money will be spent. Having enough money for bills, food, doctor visits, fuel for vehicles, insurance, and an abundance of other things becomes a major struggle. Top priorities must be managed accordingly so there is enough money to pay for what is most important. Having a strict budget also makes it difficult to save money. For instance, if a student were to take out a loan for $15,000 then drop out and work for minimum wage, it would take over two years to pay back the loan. Acquiring a large sum of debt is never a good thing. It causes high levels of stress and fatigue. It also creates a low credit score. A good credit score is needed in order to buy a house, car, and other high price items. Debt can build as time progresses, eventually leading into a whirlpool of financial
Suffice it to say that properly managed credit card use may improve your credit rating, and responsibly using XXXXX may help you improve your credit rating with your credit card.
...ep the money in the bank because the bank is the safest places to keep money. In addition, investing money in stock is the best way to make the business grow because stocks have the highest returns of any asset. Lesson 9 is full of important information about credit -card debt. According to the lesson 9, “The average American household with at least one credit card has nearly $15,950 in credit-card debt”. People borrow a lot of money that they cannot afford to pay back. Falling into a debt is the fastest way that people face because some people use their credit card for meals and vacations, but they cannot afford to pay off their monthly bills. Thus, people should write everything they spend for a month because a lot of people spend thousands of money without thinking about what they are buying in order to start saving the money and reduce the debt quickly.
One of the many disadvantages of having a credit card is that people may create debt when they are using their credit card to make automatic payments for their monthly bills. Most credit card holders have