Opinion: Cyber Monday is a Trap
Cyber Monday can sometimes be more of a curse than a blessing.
(Getty Images)
Los Angeles — Cyber Monday is here. And as a frequent online shopper, I’m definitely excited for all of the great deals. However, as amazing as it sounds, Cyber Monday can sometimes be more of a curse than a blessing.
As a senior in high school, I’m taking an economics class. That’s where I learned how credit cards work. Unlike a debit card, credit cards don’t directly transfer money out of your bank account after a purchase. Instead, debt can accumulate, particularly if the total amount charged on the card is not paid back in full at the end of a payment period.
The problem with Cyber Monday is that a lot of young adults wind up drowning in debt cycles because they succumb to the tempting deals. I have a few friends in college who are experiencing this issue right now, and I know for a fact Cyber Monday will hurt their bank accounts even more.
It’s important to learn how to manage money early on in life. Before I go off to college, I'm going to make sure I fully understand the consequences of using too much money on a credit card during major sales like Cyber Monday. No matter how intriguing the sales sound, having excessive amounts of credit card debt sounds way worse than missing out on a new pair of shoes for a cheap price.
LaVie Saad (she/her), is a biracial high school student and aspiring writer from Los Angeles, California.
Edited by Amber Ly