Fort Worth
The Debt Trap: Texans taken for a trip by auto-title loans
By Yamil Berard
Editor’s note: One study indicates that the normal Texan is about $40,000 with debt. A few of them dropped victim to your money that is easy through car name loans, and therefore quantity 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 a collaborative task by the Star-Telegram, WFAA together with Austin American-Statesman geared towards shining a light on loans that either assist the economically disadvantaged or devastate them, dependent on that you ask. This installment explores car-title loans. Upcoming installments will appear at reverse mortgages and figuratively speaking.
FORT WORTH — Mary Dixon ended up being hours far from losing her 2007 Mercury that is silver Mountaineer 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 prepaid finance fee greater than $300.