Persuasive Speech On Credit Card Debt Essay

Persuasive Speech On Credit Card Debt Essay

Length: 895 words (2.6 double-spaced pages)

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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 balance every month and monitor your credit reports.

Transition to first main point: Well, let’s start off by choosing a credit card.

II. Main Point 1: To understand how to pick a credit card, we need to know how lending

companies use them. Let’s compare the interest rate of credit card debt to other types

of debt, such as student loans and mortgages. Mortgages stand at 4.22%, student loans

stand at 6.8% and credit cards are at 15.61%. What this means is that consumer

lending or credit cards’ business is the most lucrative business banks are in.

A. Subpoint A: The point here is that banks love giving out credit cards. Approval is

pretty easy in the beginning. Therefore it is important to pick a credit card with no

annual fees and low interest rate, known as APR. Credit cards are not something one

needs to show off. For example, it is not more prestigious getting an American Express

Green Card with $95 annual fee than no fee Wells Fargo card. Also, a credit card

should fit your ...

... middle of paper ... want to get cash back and other types of rewards. By

thinking of a credit card as an unlimited wallet as long as you pay the minimum payment

could lead to serious problems. If you cannot buy something in cash, you cannot buy it.

And if you cannot afford essentials without credit cards, you need a better source of

income because reliance on credit cards are temporary.

Transition (signpost, review, preview): We have looked at our options of choosing a

credit card, also, I told why you should pay off your balance in full every month, now

let’s talk about monitoring credit ratings and reports.

III. Main Point 3: Credit reports and ratings are significant parts of our daily lives.

A. Subpoint A: You cannot get a decent apartment without a landlord checking your

credit worthiness. Even if you do not need a credit card for its lending tools, you need it

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