My New Blog Are You Paying 50 to 500% Interest on Your Taxes? January 24th, 2012 3:22 PM During tax time I see all kinds of companies that advertise about paying you in advance for your income tax refund check. It seems like these are OK deals until you get out your trusty old calculator.  I bet you thought loan sharking was illegal didn't you? Well, I thought so too until I did the math on something that so many people fall for.  Several of the well-known income tax preparation services offer these advance loans, so they seem legitimate. However, the amount of cash charged to receive your loan back a few days sooner is outrageous and should be criminal. According to a report by the National Consumer Law Center, refund loans cost the average person using them anywhere from 50 to 500 percent interest!  To receive a loan on a refund; the average consumer will pay a refund account fee and a bank fee, as well as a fee for the tax preparation. Because most of these tax filings are simple, taxpayers could e-file and use the additional $70-$150 themselves.  But either way, to pay a 500% interest rate on those funds, when just waiting a few weeks would eliminate this highway robbery, is probably not in your best interest. If somebody you know is getting ready to do this, let them know what you know now. I am always looking to do what is in your best interest. Anytime you need some honest answers, accurate information, or a second opinion on a mailer or an ad that you receive, just give me a call or drop me an email. Never act on something until we take a look at it with you. Why would you risk being ripped off when I offer to do this for you as a courtesy? Oh, by the way, I know many of you have been thinking about refinancing to help lower your total monthly payment, now is the time to take a look at it.  If the price of your home falls, you lose your option to even think about doing it. Let's at least just see what your options are. It will cost you nothing to review your options, and options are a wonderful thing.  I look forward to talking with you soon!  Posted by Phil Goldberg on January 24th, 2012 3:22 PMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: Too Cool for School: How to Buy a Kiddie Condo for Your College Student What if Your Lender Goes Out of Business? The Paper Trail: Rules for Verifying Gift Funds on FHA Loans Deceptively Simple Ways to “Shop” for a Realtor® That’s Right for You! The Ten Commandments When Applying for a Loan Archive: February 2009 Effect of The Economic Recovery Act On The DC Metro Area Posted by Phil Goldberg on February 22nd, 2009 10:01 PM March 2012 BUYING A HOME Posted by Phil Goldberg on March 16th, 2012 5:18 PM Do You Need Some Great Travel Trips? Posted by Phil Goldberg on March 6th, 2012 9:21 PM HARP CHANGES ARE COMING THIS SPRING Posted by Phil Goldberg on March 1st, 2012 7:08 AM February 2012 Meth Lab Posted by Phil Goldberg on February 19th, 2012 1:49 PM How to Indentify a Meth Lab Posted by Phil Goldberg on February 19th, 2012 12:36 PM Why Some Credit Cards Should Not Be in Your Wallet! Posted by Phil Goldberg on February 14th, 2012 4:44 PM are you underestimating the power of tax deductions? Posted by Phil Goldberg on February 11th, 2012 6:11 PM January 2012 Greed, Greed and More Greed or Why Being a Broker or Agent is So Difficult in Todays World Posted by Phil Goldberg on January 25th, 2012 10:09 PM Are You Paying 50 to 500% Interest on Your Taxes? Posted by Phil Goldberg on January 24th, 2012 3:22 PM An FHA Bridal Shower! Posted by Phil Goldberg on January 19th, 2012 10:55 PM Are You Giving The Government An Interest Free Loan? Posted by Phil Goldberg on January 19th, 2012 10:45 PM May 2011 WHAT IS THE SECRET TO A "NO CLOSING COST LOAN?" Posted by Phil Goldberg on May 5th, 2011 8:50 PM April 2011 5 Unique Ways to Use Dryer Sheets around Your Home Posted by Phil Goldberg on April 5th, 2011 7:19 PM March 2011 Are You a Target For Identity Theft? Posted by Phil Goldberg on March 30th, 2011 8:13 AM Who Is Talking To Your Child? Posted by Phil Goldberg on March 23rd, 2011 9:02 PM How One Degree Makes All The Difference Posted by Phil Goldberg on March 23rd, 2011 2:37 PM Could You Use a 33% Raise? Posted by Phil Goldberg on March 20th, 2011 10:24 AM Don't Sweat The Small Stuff Posted by Phil Goldberg on March 10th, 2011 8:14 PM How to Identify "Urban Legends" Posted by Phil Goldberg on March 1st, 2011 2:40 PM February 2011 Is Your Bank Charging You Hidden ATM Charges? Posted by Phil Goldberg on February 25th, 2011 2:11 PM Don’t Get Hung Up at Closing:Short Sales & the “Arms-Length” Affidavit Posted by Phil Goldberg on February 24th, 2011 11:56 AM Do You Really Want A Preferred Customer Card? Posted by Phil Goldberg on February 23rd, 2011 6:30 PM Avoiding HUD Home Headaches: Tips on Buying HUD Foreclosures Posted by Phil Goldberg on February 22nd, 2011 11:09 AM Bankrupt Lenders and You! Posted by Phil Goldberg on February 16th, 2011 10:54 AM January 2011 Beware of This Scam! Posted by Phil Goldberg on January 10th, 2011 10:21 AM Great Money Saving Idea! Posted by Phil Goldberg on January 6th, 2011 11:27 PM FHA Purchase Repairs Posted by Phil Goldberg on January 2nd, 2011 3:30 PM December 2010 Fannie Mae/Freddie Mac Seller Held Second Mortgage Requirements Posted by Phil Goldberg on December 29th, 2010 12:05 PM Show Me The Money Posted by Phil Goldberg on December 21st, 2010 5:51 PM March 2009 Are Short Sales “All Work & No Pay” ? Posted by Phil Goldberg on March 20th, 2009 9:34 AM YOU’RE ENTITLED! - WHY NOT GET THIS TOO? Posted by Phil Goldberg on March 19th, 2009 6:16 AM Breaking a Sweat Without Breaking The Bank! Posted by Phil Goldberg on March 4th, 2009 3:25 AM Want To Purchase? FHA Requires Less Cash Posted by Phil Goldberg on March 3rd, 2009 4:05 AM March 2012 (3) February 2012 (4) January 2012 (4) May 2011 (1) April 2011 (1) March 2011 (6) February 2011 (5) January 2011 (3) December 2010 (2) March 2009 (4) February 2009 (1) My Favorite Blogs: Sites That Link to This Blog:

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