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