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

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

Fort Worth

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

By Yamil Berard

Editor’s note: One research reveals that the normal Texan is about $40,000 with debt. A number of them dropped prey to your money that is easy through automobile name loans, and that number 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 project that is collaborative the Star-Telegram, WFAA plus the Austin American-Statesman targeted at shining a light on loans that either assist the economically disadvantaged or devastate them, according to who you ask. This installment explores loans that are car-title. Upcoming installments will appear at reverse mortgages and student education loans.

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 household crisis. By January, she had currently doled out a finance that is prepaid in excess of $300. Now she owed a last balloon repayment of $3,351.28 up to a title-loan storefront on East Lancaster Avenue.

She possessed a complete great deal of business. Continue reading “The Debt Trap: Texans taken for the ride by auto-title loans | Fort Worth Star-Telegram”