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The Debt Trap: Texans taken for the trip by auto-title loans | Fort Worth Star-Telegram

Fort Worth

The Debt Trap: Texans taken for the trip by auto-title loans

By Yamil Berard

Editor’s note: One study demonstrates that the texan that is average about $40,000 with debt. A lot of them dropped victim to your effortless cash available through car name loans, and therefore quantity is increasing. In 2013, Texans paid just as much as $360 million in fees to car name companies — $53 million a lot more than in 2012. Your debt Trap is just a project that is collaborative the Star-Telegram, WFAA and also the Austin American-Statesman geared towards shining a light on loans that either assist the economically disadvantaged or devastate them, dependent on who you ask. This installment explores loans that are car-title. Upcoming installments can look at reverse mortgages and figuratively speaking.

FORT WORTH — Mary Dixon was hours far from losing her 2007 Mercury that is silver Mountaineer Feb. 6.

Dixon, 47, of Mansfield, had lent $2,994.95 on Dec. 2 to pay for family members crisis. By January, she had currently doled out a prepaid finance fee greater than $300. Now she owed a balloon that is final of $3,351.28 up to a title-loan storefront on East Lancaster Avenue. Continue reading

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