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07/04/2011 -
Tax time can cause major stress for people throughout the United States, as they work to get all their finances in order and pay the money owed to the government. According to one recent study however, the majority of Americans are unaware of that the Internal Revenue Service charges a payment processing fee for those using credit cards.The Consumer Credit Awareness Survey, conducted by FreeScore.com, found that 68 percent of those polled didn't know that the IRS charges a processing fee of 1.90 to 3.93 percent for those using cards to make payments. The survey of 1,000 Americans 18 years or older also found that 66 percent who planned to pay with cards were already carrying a balance on their accounts.
“If you don't have the cash to pay your taxes and are thinking about using a credit card, take some time to consider all of your options first," Carrie Coghill, director of consumer education for FreeScore.com. "For example, I recommend comparing the interest rate that the IRS will charge you for late payments versus the interest rate on your credit card. Or see if you have a relative who'd be willing to loan you the money interest-free if you paid it back within a reasonable amount of time."
People will have slightly more time to get their tax returns submitted in 2011. The IRS extened the deadline to April 18, three days later than the normal April 15 deadline.
