The much-publicized tax rebates won’t start coming until May and may not arrive until late summer. Meanwhile, loan sharks are sure to circle the unwary.
Their deal: We’ll lend you money now, in return for your rebate later. If you are expecting a rebate of $1,800, for example, we’ll give you $1,600 right now.
The catch: If you accept such terms, you are giving up 12.5 percent (one-eighth) of your rebate, just to get your money a few months sooner.
Don’t accept these offers. If you really need to buy something that can’t wait until summer, use a credit card and pay the bill when your rebate arrives.
