Tax Returns in December?
As I was driving today, I noticed a few things going on around me. Sadamm is about to be executed for his crimes. People taking off early for the three or four day New Years Weekend. Kids running about because they were out of school.
And an amazingly long line of people awaiting to enter Jackson Hewitt.
Why you ask? Because they are preparing to receive refund anticipation loans up to $2500. One lady on the news said that she was at Jackson Hewitt because they were offering $2000 for a refund while H&R Block was only doing $1900.
People. What seemed like fifty to one hundred. Black, white, male, female, dressed in business suits or Sean John jumpers. Some women are wearing ponytails while holding on to their children hands. Men who have just gotten off a work still wearing clothes collected with tar and sweat. Standing outside the tax office awaiting to get inside to get their income tax refunds early. It was amazing and at the same time, disappointing.
I understand the necessity for cash for unexpected bills or for relieiving yourself of debt. I understand that this would be the easiest alternative instead of taking out a loan. However, what these individuals don’t tell you is what you are doing is essentially taking out a loan.
In actuality, you are not suppose to submit a tax return until January. What these individuals are doing is called receiving a loan on their own money. These amounts for these loans charge interest that is extraordinate. But yet, there is a long line of able bodies awaiting and anticipating. There was a line at nine o’clock this morning. People clinging to their last pay stub of the year trying to get quick money that will be gone within a few weeks. Some, yes some, will use the money for the purpose of a necessary debt, like a utility bill or a phone bill, or a hospital bill. Others, well others you will see them in Wallyworld (Wal-Mart) or Dillards buying things such as expensive clothes, Playstations and purses. Some who have major debts will forget their woes to purchase a Dooney. Those who can barely manage to pay for the lights in their homes will find convenience in IPods.
What has this world come to when these tax facilities can come in and make your money problems essentially disappear before the year is out? Do they let these individuals know that they are going to be getting a loan that have to be paid back as soon as the refund comes in? Yes, these places charge you for those services. You are not getting your refund, you are getting a loan. A loan that you will have to pay back as soon as that check comes in.
Again, there is a line. A long line of men and women waiting to get inside so they can have money for the New Year and possibly be gone by next week. And then what do they do? Some sure will put the money away but some most definitely will spend the money and probably put themselves further and further into a hole. I don’t agree with the policy, although I understand why they do it. But does the consumer understand what they are doing?