Credit Card Debt Persuasive Speech

If your payments have been on time every month and you're looking for the quickest way to pay off credit card debt then the best way is to pay three times as much as you owe every month. Currently, the credit industry only charges you a 2% minimum monthly payment that you must pay to keep your account current. You also must pay this amount to keep your credit score from being damaged by any charge card.

When using credit cards, practicing self-discipline and common sense will allow an individual to use the cards as an advantage (Lynott, 2008). Advantageous tips are to limit the number of credit cards to two for personal use and two for business, charge only what you can pay off at the end of the month because that is interest-free, carry cash to pay for small purchases because they add up quickly on a credit card, become knowledgeable about the interest and additional fees and penalties, and focus on items that are needed and not just wanted (Lynott, 2008).

Credit card debt is one of this nation’s leading internal problems, and it has been for around the last 3-4 decades. When credit was first introduced, and up until around the late 1970’s up to today, the standards for getting a credit card were very high; so not everybody could get one. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays

Currently, I don’t have a credit card. All of my payments are made in cash of with my debit card. In the last lecture we learned that it is a good idea to get a credit card young so the credit can start building. Mr. Klassen says that he uses his card for the necessities that he has to buy anyway such as gas and groceries. I would like to implement that in my own spending habits once I get a credit card. I would keep my balances low by being responsible with how I use my card. In addition, I will start out with only one credit card. There is a lot of temptation to open up many cards with different companies, but with one card it is easier to keep track of your

Did you know that the government of the United States is 19.5 Trillion dollars in Federal debt? That’s an estimate of $55,700 of Federal debt for each man, woman and child in the country. Now because kids don’t pay taxes, the number is even higher, around $60,000 or more. But, what is it then that makes men, corporations and even entire nations to fall into this wretched hole called debt. That is what I will try explain some of the mistakes we commit the lead us into what seems an everlasting debt. I will look into a small amount of degree of some of the actions that get people into debt, such as credit cards and student loans.

Pay off the ones with the highest interest rates first while paying only the smallest amount for the others. The sooner you get rid of your debt with the highest interest, the more money you'll have to pay off the others in the future.

These days, having debt is all part of being a true American. It’s woven into the very fabric of everything we do. We see something we want, and we want it now, so we charge it. For many it isn’t just wants but needs, student loans or medical bills. Regardless of the type of debt, there are steps you can take to start shrinking that mountain of payments, into an ant hill. Here are ten steps that can help you pay down your debt faster.

In regard to saving money, I have found that one of the simplest deals by taking back control over the credit card companies. Faster than expected, credit card debt accumulates quickly. Each purchase on a credit card is not limited to the price on the sales tag, when the entire purchase price is unpaid on the subsequent bill. Be realistic with your purchases. When living on a cash budget, discuss how much “ money is ‘available’ ” for spending as well as how often that amount is withdrawn (Do You Know Where Your Money Is). Avoid signing up for another credit cards when contemplating how to handle expenses. While it may appear that paying off one credit card with another would make it more manageable, it is only compounding the problem. In order to determine spending allowance to pay off debt, I recommend to construct an excel document of the expenses for each month.

In “How to Take Control of Your Credit Cards”, CNBC host and bestselling author Suze Orman provides her professional opinion on how the we can take responsibility and eliminate credit card debt. With Orman’s advice and a little discipline all debts, either by choice or circumstance, can be cleared up in as little as just a few months. To start taking control of your debts you must learn to bring your interest rates down, protect those new low rates, and possibly seek help extra help through a credit counselor.

3. Prioritize. Experts don't agree on the best strategy in this step. Some say to start with the debt that has the highest interest rate. Others say to choose the smallest debt, pay it off, and then use the extra money to pay down the next largest debt, and so forth. Whatever method you choose, be systematic, but don't forget to make the minimum payment on all of the other

This technique enlists the assistance of professional arrears counselor. Their role is to do the negotiating with your credit card issuer in relation to possibly cutting your current credit balance. Some may suggest you enter a debt consolidation reduction program after they have assessed that it could help relieve your financial condition while reducing personal credit card debt.

Credit card debt is one of this nation’s leading internal problems. When credit was first introduced, and up until around the late 1970’s, the standards for getting a credit card were very high. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays around $1,3000 a year on interest payments (Maxed Out). Many people have the concern today that these interest rates and fees are skyrocketing; and many do not

A credit card is like a double-edged knife. Would be nice if we are wise to use it, otherwise, would be evil if used to go into debt in order to fulfill our wishes. Then what should be done so that we can immediately pay off the debt? Here is an example of a simulation of the repayment of a credit card. I hope this simulation can be useful to you. For example, suppose you earn around $ 4,000 per month and have 2 credit cards. You owe to the first credit card for $ 800 with interest of 3.75% per month and to the second credit card for $ 500 with 4% interest.

Avoid paying off high interest rates so that you don't pay too much. Creditors trying to charge more from you than what they originally loaned you plus a reasonable amount of interest

Debt snowball method: This strategy is best when you have many accounts to pay off or maintain. Using this method, you pay off the debt on the credit card account with the smallest balance, while paying off the minimum balance on the others. This method allows you to slowly build up your ability to chip away at larger amounts of debt.