2005/04/13

Memphis tops in tax loans

Once again Memphis is on the wrong end of a dubious achievement. This time it's "having the greatest percentage of its Earned Income Tax Credit filers applying for money-losing refund anticipation loans at tax time." Not a good thing, but yet another unfortunate Memphis thing.

Just in time for tax day Friday, the Brookings Institution report, "Step in the Right Direction," also provides a hint of good news. The percentage of Memphians applying for the high-interest loans declined from 69.8 to 64.5 from tax year 2001 and 2002, a trend mirrored around the country.

But Memphis, with 65,948 loan applicants out of 102,194 EITC claimants, tops the list, followed by Birmingham (60.5 percent), Norfolk, Va., (58.5 percent), Greenville, S.C., (58.2 percent), and Atlanta (57.5 percent). Full Story>>

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