In the News ... "Bishop: People trapped under weight of high-interest loans"

• Ways that the taking of interest can be sinful

MRT Photo by Tim Fischer

Bishop Michael J. Sis, Contributor
• Catholic Diocese of San Angelo

SAN ANGELO, TEXAS - In most cities around the state, we have grown accustomed to seeing an abundance of businesses offering payday and auto title loans. To those who find themselves in sudden financial trouble without good credit, taking out one of these loans often seems like the only solution. Some of these borrowers are able to pay off the loan and move on successfully.

However, experience has shown that far too many people are getting trapped in an impossible cycle of growing debt because of the way these loans are structured. In Texas, the average interest and fees for auto title loans is 567 percent APR ...

 • read the rest of this column in the Midland Reporter-Telegram