Credit Card Invention - essay check

My professor gave us a prompt about a best or worst invention. I thought credit card would be good. She also gave us questions that should be in it so it made me a little confuse about my topic sentences or main idea. here are the questions;

1. what is the invention?
2. who is the inventor?
3. inventor's motivation
4. impact with the world
5. impact with me

here is my first draft of my essay. i would appreciate anyone's help especially with my grammar. THANK YOU. =)

Credit Card Invention

The best invention would be is the credit card. The world is hard to imagine without a universal credit card. People hardly have cash in their wallets today. This essay will talk about the credit card invention; its inventor and his motivation, its impact in the world and its impact with me.

Frank X. McNamara is the inventor of the first universal credit card. He came up with the idea when there was a time that he went out with his two friends. At the end of the meal, he realized that he forgot his wallet. He then called his wife to bring him some money. That's when he came up with the idea of credit card that could be used at multiple locations. At 1950, he then started a new company, the Diners Club. The Diners club was going to offer credit to individuals for many companies then bill the customers & pay the companies.

In today's generation especially in America people can't live without the credit cards. People start to have credit cards when they start college. This is just one of the reasons why a lot of people are drowning in debts. People loose control sometime and they start to spend so much more than they earn. When the bill comes in monthly they only pay the minimum due. It then starts to accumulate and the next thing they know is that they are drowning in thousands of debts.

Credit cards affect me financially. There was a time that I lost control in spending at the same time it was a big help especially during emergencies. I learn how to have self - discipline and that is to only buy things that I need. It also made me responsible because I am responsible for the money that I am borrowing. I have to pay at least half of the money I borrow monthly or else it will accumulate together with the interest.

Credit card surely have a great impact with the world and personally with me.