Quickie Tax Loans Generate Profits for Banks and Tax Preparers While Putting Low-Income Taxpayers At Risk
The National Consumer Law Center and Consumer Federation of America released their annual report on Refund Anticipation Loans today. The report shows that RAL volume remained high and steady in 2007, draining over $900 million from American families.
In a survey conducted in January, AFFIL members resoundingly said that the government should regulate predatory RALs. You can click here to tell Congress to regulate these high-cost loans targeted at low-income Americans and people of color.