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

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

By Yamil Berard

Editor’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 — $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 — 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.