The Debt Trap: Texans taken for a trip by auto-title loans
Editor’s note: One research reveals that the texan that is average about $40,000 with debt. Many of them dropped victim to your simple cash available through car name loans, and therefore quantity is increasing. In 2013, Texans paid just as much as $360 million in charges to automobile name companies — $53 million significantly more than in 2012. Your debt Trap is a project that is collaborative the Star-Telegram, WFAA therefore the Austin American-Statesman geared towards shining a light on loans that either assist the economically disadvantaged or devastate them, based on that you ask. This installment explores loans that are car-title. 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 family members crisis.