Governor J.B. Pritzker continues signing legislation. Today, Pritzker signed a new law giving millions of Illinois residents debt relief from high interest rates on their debt. The Consumer Fairness Act lowers post-judgment interest rates on consumer debt under $25,000 from 9 to 5% and reduces the amount of time that debts can be collected from 26 to 17 years.
The governor says he wants to help people pay what they owe and help them get out of the spiral of debt.
“Consumer debt is at an all time high across the United States and there are millions of people, including too many Illinois families, who are struggling under unconscionable circumstances.”
According to the Heartland Alliance, 1 in 3 residents of the state are involved in some form of the debt collection process. The law takes effect January 1st.