Describes the distribution of refund anticipation loan lending in the Chicago region using 2003 IRS tax preparation data - the most recent available. Also provides information on recent innovations in the income tax loan industry such as the holiday and paystub loan.
Woodstock Institute will host the Chicago premiere of the new documentary Maxed Out
which exposes the absurdities and contradications of the modern
financial system and how they have contributed the record level of
household debt. The premiere, hosted by Chicago Public Radio's Steve
Edwards of "Eight Forty-Eight," will include a panel of national
experts on the debt crisis, including Nickel and Dimed: On (Not) Getting by in America author
Barbara Ehrenreich and director James Scurlock. Local organizations
will also be on hand to discuss what they are doing to help put working
families' finances back on track.
Uses data from the Veritec Solutions February 2006 report on Illinois lending under the Payday Loan Reform Act and data collected by the Monsignor John Egan Campaign for Payday Loan Reform in 2004 to calculate the success of the act in reducing the cost of traditional payday loans and the high cost of new installment loans designed to evade the protections provided by the act.
