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Uhrich Law P.C. Supports the Consumer Fairness Act

The debt collection laws in Illinois are not exactly fair. As it stands, Illinois has one of the highest rates of bankruptcy, and a 9% post-judgment interest rate.

The Consumer Fairness Act (HB 0281) would:

  • Decrease the post-judgment interest rate from 9% to 5% for consumer debt—helping families to avoid the cycle of debt that prevents them from building long-term financial security.
  • Decrease the timeframe to collect on a judgment from 26 to 17 years by limiting revivals—preventing collectors from trapping families in debt with judgments that are decades old.
Here’s a link to more details on the Illinois House Bill.
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