The Debt Trap: Texans taken for the trip by auto-title loans
By Yamil Berard
EditorвЂ™s note: One research implies that the texan that is average about $40,000 in debt. A lot of them dropped victim towards the money that is easy through car name loans, and that quantity is increasing. In 2013, Texans paid just as much as $360 million in charges to car name companies вЂ” $53 million a lot more than in 2012. Your debt Trap is just a collaborative task by the Star-Telegram, WFAA plus the Austin American-Statesman directed at shining a light on loans that either assist the economically disadvantaged or devastate them, according to that you ask. This installment explores car-title loans. Upcoming installments can look at reverse mortgages and figuratively speaking.
FORT WORTH вЂ” Mary Dixon ended up being hours far from losing her 2007 silver Mercury Mountaineer on Feb. 6.
Dixon, 47, of Mansfield, had lent $2,994.95 on Dec. 2 to pay for a grouped household crisis. By January, she had currently doled out a prepaid finance fee in excess of $300. Now she owed a balloon that is final of $3,351.28 up to a title-loan storefront on East Lancaster Avenue.