The Debt Trap: Texans taken for the trip by auto-title loans
By Yamil Berard
EditorвЂ™s note: One research implies that the normal Texan is about $40,000 with debt. A few of them dropped victim towards the money that is easy through car name loans, and that quantity is increasing. In 2013, Texans paid 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 while the Austin American-Statesman directed at 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 will appear 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 family members crisis. By January, she had currently doled out a finance that is prepaid in excess of $300. (meer…)