Test Your Financial Wellbeing Knowledge!

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* 1. What percent of Texas households struggled to pay bills in early 2022?

13%

3%

36%

97%

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* 2. What percent of Texans don't have enough savings to cover 3 months of expenses?

100%

63%

42%

15%

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* 3. What is the highest annual percentage rate (APR) for payday and auto title loans in Texas?

10% APR

36% APR

99% APR

The sky's the limit--no maximum rate

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* 4. Is it possible to borrow $500 from a payday or auto title loan outfit in Texas, repay $1,000, and still owe the full $500?

That's crazy, of course not.

At least some of the $1,000 paid has to have gone to the principal--isn't that how loans work?

Yes--that is called the debt trap and many Texans get trapped in these loans with no way out.

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* 5. How much in excessive fees have payday and auto title loans drained from the pockets of Texans and Texas nonprofits over the past five years?

$8.5 billion

$532 million

$10 million

$1.8 billion