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Poor Hit Hard By Refund Anticipation Loans

According to an Associated Press report, people who were hit hardest by refund anticipation loans were low income households. A North Carolina investigation found that people in the state spend about $44 million per year on refund anticipation loans with interest rates topping 800%. The study claims that nearly 86% of the refund loans issued in 2004 went to low-income borrowers. About 500,000 taxpayers in North Carolina get tax refund loans every year, with average costs ranging from $78.30 to $174.95. For more details on the study visit Forbes.com.

Expensive Tax Mistakes To Avoid

CNN.com has added a helpful article with advice on some expensive tax mistakes to avoid when preparing your tax returns this year. Some of their advice includes: avoid paying taxes with a credit card, avoiding refund anticipation loans, setting up an installment agreement, and paying on time. You can read the full article by clicking here.