Christian Science Monitor: Instant Tax 'Refunds' Come Under Fire
AFFIL appeared in this article by Brendan Conway:
Despite the eye-popping rates, nearly 1 in 15 taxpayers opted for an early refund in 2007 – a total of $900 million spent to get paid an average of 10 days early, according to Americans for Fairness in Lending, a nonprofit advocacy group in Boston. The majority of those were lower-income families who received the Earned-Income Tax Credit, the group says.
“In the current political climate, people are not particularly sympathetic to banks and purveyors of these loans,” says Jim Campen, executive director of Americans for Fairness in Lending. “Over the years, they’ve become more aware of the exploitative nature of these loans, and that will be all the more evident in this economy,” he says.