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

The Debt Trap: Texans taken for the 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 study reveals that the texan that is average about $40,000 with debt. Many of them dropped prey into the money that is easy through automobile name loans, and that quantity is increasing. In 2013, Texans paid up to $360 million in charges to automobile name businesses — $53 million a lot more than in 2012. Your debt Trap is a project that is collaborative the Star-Telegram, WFAA plus the Austin American-Statesman directed at shining a light on loans that either assist the economically disadvantaged or devastate them, based on that you ask. This installment explores car-title loans. Upcoming installments will appear at reverse mortgages and figuratively speaking.

FORT WORTH — Mary Dixon had been 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 household crisis. By January, she had currently doled out a prepaid finance fee greater than $300. Now she owed a last balloon repayment of $3,351.28 up to a title-loan storefront on East Lancaster Avenue.

She possessed a complete large amount of business. In Texas, almost 380,000 borrowers cash central near me compensated since much as $360 million in charges alone at hand within the games for their vehicles for quick cash, 2013 state data reveal. That’s a $53 million jump in charges from 2012 to 2013, in accordance with state data for 2012 and 2013. Those costs don’t consist of finance costs as the continuing state doesn’t record the fees.