The Illinois governor recently signed legislation to cap interest rates on payday loans, auto title loans, and installment loans at 36%. Although some worry that caps will reduce access to credit for borrowers, many more believe the new rate cap will rein in high cost lending that lands individuals and families in a debt spiral. Advocates for the measure believe the 36% rate cap strikes a balance between access to credit while protecting consumers from predatory lending. To understand how … [Read more...]
Archives for March 2021
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Personal Bankruptcy Likely to Surge in 2021
With the number of Covid-19 cases plummeting across the country, many are looking forward to getting back to normal hoping to recover financially following a year of closures and limited employment. When trying to tackle debt, many may consider Chapter 7 bankruptcy protection to either discharge unsecured debt such as credit cards, medical bills and personal loans, or, some may opt for Chapter 13 bankruptcy, which can provide a way out of debt through a structured repayment plan. To … [Read more...]
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