« How To Lower Your Credit Card APR | Home | My Lenten Sacrifice »
Beware: Tax Refund Anticipation Loans
By Molly's Brother | February 22, 2007
I scanned the web today and saw a headline that read something about the high interest rates associated with these tax refund anticipation loans that our tax preparers offer. BEWARE. They come at a high price. They are give to you with an interest rate of 70% to over 500%. I will try to look for the article and the link. But news like this needs to be spread.
Topics: Personal Finance |
February 22nd, 2007 at 6:17 pm
Ack - preying on people who are impatient, or need their refund right away. Of course, the better thing to do is adjust your withholdings so that you get nothing back at all, but most people prefer the thrill of getting the “big check” to getting more money overall.
February 26th, 2007 at 9:50 pm
I know. Financially, it is better to get nothing back at all, but I personally think that few people are prepared to accurately adjust their withholdings and face the payment of taxes once April 15 rolls around.
It’s really horrible that even well-known companies like H&R block prey off unassuming consumers.