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

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

Fort Worth

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

By Yamil Berard

Editor’s note: One research indicates that the normal Texan is about $40,000 with debt. A number of them dropped victim to your money that is easy through automobile name loans, and that number is increasing. In 2013, Texans paid up to $360 million in fees to car name companies — $53 million a lot more than in 2012. Your debt Trap is really a collaborative project by the Star-Telegram, WFAA together with 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 car-title loans. Upcoming installments can look 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 a grouped household emergency.Read More »The Debt Trap: Texans taken for the ride by auto-title loans | Fort Worth Star-Telegram