Thousands lose cars amid calls for loan restrictions
Tue, 2014-08-26 19:28
News Staff
by Corrie MacLaggan.
Tiffany Richardson had a job as a nurse, money in savings and no reason to imagine she would ever need to swap her car title for a quick loan. But the Houston-area resident did so last year after unexpectedly losing her job, becoming one of many Texans who find themselves deep in debt to so-called payday or auto-title lenders. The latter give loans with high repayment fees in exchange for car titles as collateral.