The Debt Trap: Texans taken for the trip by auto-title loans
By Yamil Berard
EditorвЂ™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 вЂ” $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 вЂ” 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