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

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

Fort Worth

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

By Yamil Berard

Editor’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 — $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 — 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…)

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