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Recent Story:
| Tax Refund Lenders Reap Millions in New Mexico |
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Airdate: Wed., 13 May. 2009 |
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By: Elaine Baumgartel and Eric Mack |
President Obama will be in New Mexico Thursday for a town hall on credit card debt, just as a new report finds New Mexicans are losing millions on another kind of loan. The report looked at states with high Native American populations and found that many Native Americans and others in the state are handing over millions of dollars a year to tax preparers and lenders that offer loans based on income tax refunds.
Bill Jordan, Policy Director for New Mexico Voices for Children, says the lenders target Native Americans and other typically low-income groups who receive the earned income and working families tax credits. Jordan says with total interest rates as high as 500%, refund anticipation loans are another important part of the debt problem that he hopes the President will take note of during the town hall.
Some lenders say they're providing an important service for low-income people who might not have other means of getting cash fast. |
| See more stories from Wed., 13 May. 2009 |
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