Instant Gratification

[Kacey]

I was watching TV, and saw yet another of those annoying ads for tax preparation pushing low-fee loans for those who can't wait for their tax refund. Now, I will grant you that I enjoy knowing that, with electronic filing, my refund (if I get one) will be available within a few weeks, at most, and I am willing to pay the $10 fee necessary to accommodate that - but I cannot imagine paying for a cash advance loan to get my refund immediately instead of waiting several weeks - or 6-8 weeks if I don't have a bank account the money can be deposited. Now, I looked at a tax prep site, and while I found numerous references to instant refunds, they were all loans, with the cost of tax preparation and loan fees taken out of the refund before you could borrow your own money - while still noting that an electronic refund usually takes 8-15 days.

People used to save for things they wanted... loans were originally for large-ticket items only, like houses. Then credit cards became available.... then common. When did we become so focused on instant gratification that we are willing to pay to access our own money? What other examples of this instant gratification do you see? Do you see this as an issue or not? What, if anything, should society do about this trend?

 

[Big Don]

The Denver Post had this story, just Friday.
Is society responsible for the actions of the irresponsible? If so, why would anyone act in a responsible manner? I mean, shoot, if society is going to fix whatever you screw up, why worry about how you behave?
Personal responsibility has gone away, and more is the pity.



Although, I am somewhat amused by the dancing sign holders for Liberty Tax Service, where else, outside of San Fransisco, can you see grown men dressed as the Statue of Liberty gaily dancing on the corner (Pun intended)?

 

[Sukerkin]

Oh don't get me soapboxing on this issue, Kacey ... it'll all end in tears with me ranting on about fractional reserve banking, imaginary money, hard-sell lending to those who can only default and thus lose more than they borrowed etc.

 

[Sukerkin]

Personal responsibility has gone away, and more is the pity.

Totally and unreservedly agree. Some of us tho', do manage to cling on to fiscal responsibility and are made to feel lesser because we drive a second-hand Nissan rather than a 'not-paid-for' BMW or Mercedes.

 

[Big Don]

I've used a well known and well publicized online tax prep the past four years, and since my taxes are simple, it takes me all of about 30 minutes, I get my state refund in 6 days and my federal in about 15, the idea of forking out a large portion of that to have it today, isn't very appealing.
The idea of running a payday loan/check cashing business, does seem like a license to print money, though...

 

[terryl965]

Jacey those payday loan places are popping up everywhere and also those car title loans. Society gets burried into these scams and can never get out once they start. Payday loans is just legalize money sharks

 

[Kacey]

Jacey those payday loan places are popping up everywhere and also those car title loans. Society gets burried into these scams and can never get out once they start. Payday loans is just legalize money sharks

Oh, I agree... and I've seen those people standing on the street in Statue of Liberty costumes; I think it's ludicrous.

I used to use tax prep software - but the first time I used a CPA, he found enough deductions to save over $500 over what the software found, and I was sold. As I said, I'll pay the electronic filing fee - if only because I get a receipt that it was accepted (my return was lost one year, and the fees they tried to charge for a late filing - saved only by the postmark on the envelope, make the $10 and peace of mind cheap) - but money now loans? Usury on a very high scale.

 

[grydth]

I see the government as a cause, not a cure.

From confiscatory taxation to allowing casinos to operate tax free and running its own lottery/numbers schemes, the government is ill suited to tell us how to behave. When has government lived within its means? When does government ever 'go without"? The government sponges off us same as the hucksters and thieves.

 

[newGuy12]

Totally and unreservedly agree. Some of us tho', do manage to cling on to fiscal responsibility and are made to feel lesser because we drive a second-hand Nissan rather than a 'not-paid-for' BMW or Mercedes.

People who spend less and save more and do not purchase new cars are actually the smarter people, and will be recognized as such by others "in the know" -- those who are paying attention to things!

Now, it is BEST to NOT have any witholding done. That is, you should owe the government nothing (and they owe you nothing) when tax time comes. But that can be done only by those who are really "clicked on" and are not sloppy at all with finances.

I will get a refund check. Yes, I know that I am basically loaning money to the govt tax free in order to get this check, but I am a little bit of a "slacker", and that's the way it is, I accept that, and go on.

These places that give these loans against tax refunds are causing people to pay what is called "stupidity tax" and should not be used by anyone. The only thing worse is those places that will loan you money against your next pay check.

Right -- the only thing people should use credit for is to purchase real estate. Nothing else. This "nothing else" includes automobiles!

 

[crushing]

One of these days I'm going to hit the lotto jackpot with my payday loan money!!!!! Ka-ching!!!!!!

What was that about a stupid tax?