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.