BOR: New Study: Payday Loan Burdens on Texans are Getting Even Worse
May 22, 2014
A new report released by the Center for Public Policy Priorities on Tuesday has found that the burden of debt created by payday and auto title loans is getting even more costly.
Payday and auto title loans are primarily used when people are struggling to make basic ends meet. Lenders take advantage of this by offering loans using a paycheck or a car as collateral. In Texas, this industry is largely unregulated, allowing lenders to get away with charging exorbitant fees that leave consumers unable to pay back their loans.
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