Fort Worth
The Debt Trap: Texans taken for a trip by auto-title loans
By Yamil Berard
Editor’s note: One research implies that the normal Texan is about $40,000 with debt. Many of them dropped victim to your simple cash available through car name loans, and that quantity is increasing. In 2013, Texans paid just as much as $360 million in charges to automobile name businesses — $53 million significantly more than in 2012. Your debt Trap is really a project that is collaborative the Star-Telegram, WFAA as well as 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 student education loans.
FORT WORTH — Mary Dixon had been 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 family members emergency. By January, she had currently doled out a prepaid finance cost in excess of $300. Now she owed a last balloon payment of $3,351.28 up to a title-loan storefront on East Lancaster Avenue. Continue reading