Many Urban Poor File Their Taxes Early, Use Rapid Refunds
By Howard Gleckman :: April 18th, 2011
An interesting blog from my Urban Institute colleague Brett Theodos on the use of refund anticipation loans and refund anticipation checks among low-income tax filers:
It’s tax day, and gauging by past years, nearly 20 percent of us have yet to file. But something very different is going on for low-income families. Many were among the first to file, even giving up 5 percent of their refund to get their money sooner. These families relied on Refund Anticipation Checks (RACs) and Refund Anticipation Loans (RALs), controversial financial products (more)...