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

The Debt Trap: Texans taken for a 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 suggests that the texan that is average about $40,000 with debt. A few of them dropped victim towards the effortless cash available through auto name loans, and that quantity is increasing. In 2013, Texans paid just as much as $360 million in charges to car name companies — $53 million significantly more than in 2012. Your debt Trap is a project that is collaborative the Star-Telegram, WFAA additionally the Austin American-Statesman targeted at shining a light on loans that either assist the economically disadvantaged or devastate them, based on who 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 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 a grouped household crisis. By January, she had currently doled out a finance that is prepaid of greater than $300. Now she owed a last balloon repayment of $3,351.28 to a title-loan storefront on East Lancaster Avenue.

She had a complete great deal of business. In Texas, almost 380,000 borrowers compensated since much as $360 million in costs alone at hand throughout the games for their vehicles for quick cash, 2013 state data reveal. That’s a $53 million jump in costs from 2012 to 2013, relating to state information for 2012 and 2013.