Texas Financial Snapshot
- Nickname: The Lone Star State
- Population: 28.7 Million
- Capital: Austin
- Website: texas.gov
The Texas poverty rate fell from 17.2% in 2014 to 14.7% in 2018. On top of a falling poverty rate, Texas has—as of September 2019—successfully lowered their unemployment rate to 3.4%, which is just below the national unemployment rate of 3.5%.
Unfortunately, though, many Texans are still struggling with debt and are having a hard time making ends meet. The 2018 Texas median household income was $60,629, and the 2020 average credit card debt was $6,753.
Payday Loans in Texas
Reporting by the Texas Observer states that at least 1,700 payday lenders have “filed criminal complaints against customers in San Antonio, Houston and Amarillo”, and some borrowers have even ended up in jail for non-payment (even though criminal prosecution for debt non-payment is not supposed to happen in Texas).
Consumer Protection in Texas
How to Report a Lender in Texas
Consumers can contact the Texas Office of Consumer Credit Commissioner by calling their hotline at (512) 936-7630 or by emailing firstname.lastname@example.org.
The Texas Office of Consumer Credit Commissioner
- Address: 2601 N. Lamar Blvd Austin, TX 78705
- Phone: 512.936.7600
- Website: http://occc.texas.gov/