Miasmatic Review

Loans on rebate?

I was talking to some of my peers at work today as we waited for a meeting to start. The rebate/stimulus package was brought up and of course someone made the comment, "I could use that money now." I knew they should be getting $1,200.00 back and I made an offer to them. "I'll tell you what. I'll give you $900.00 tomorrow and you can give me the $1,200.00 check when you get it." We all had a chuckle, but then it made me think.

When is someone legitimately going to do something like this?

Think about it. All of the tax places offer an instant rebate or refund anticipation loan. Basically they give you the money for your anticipated refund right there, minus some fees, charges and interest. Plus you have payday advance loans, car title loans, etc. etc. etc. You have large financial companies that advertise that if you have a structured annuity, won the lottery, have payments from a court case coming to you, they will give you one large lump sum today, and keep the rest. If they can do all of that, when is someone going to legitimately say, "Getting a rebate? Need the money now? Come see us at Givenudashaft and we'll give you your money today*" (*in fine print: minus a 20% fee)

The sad thing is that I can actually see people doing this just so that can have their money NOW. What bothers me the most is that I know a lot of people that fall for all of the above. Okay some might justify the refund anticipation loans because it's only $50.00 out of $3,000.00 and they get the money today. Yea... but basically if you were patient and waited for the money you'd have an extra $50.00 or however much you might get. Remember, it's already your money, you just gave away $50.00 to get it back today instead of in three weeks. That's like paying your employer to get your paycheck.

There are people that work for me that use the payday loan places all the time. I could see them forking over 20% of the anticipated rebate just so they could get the money today. It just amazes me how many people can be that financially irresponsible with their money.

I wonder how long before someone does start this scam. Hell it may have started already.

Of course I still think this whole rebate is a really bad idea that we all going to be paying for over the next 25 years. Sure I'm going to take the money, only a fool would not. I'd just rather they not do it in general. I'd rather they save the money, decrease taxes, remove federal regulations and restrictions and let the free market fix itself. If they are that worried about it, start putting more tariffs on foreign products coming to the US so that products actually owned by American based companies have a fighting chance. It keeps the money in America, not in China.

Roughly forty percent of the money we are borrowing to make this rebate happen is coming from China so that the majority of people can go out and buy a big ticket electronic item made in China. Who's economy are we trying to stimulate?