Protecting the Rights of Consumers For Over 25 Years

Effective January 1, 2020, Illinois lowers the post-judgment interest rate on judgments for contractual consumer debts to 5% from the current 9%. In addition, the period within which a judgment can be "revived" is lowered to 10 years from 20, giving creditors 17 years to enforce a judgment instead of up to 27 years.

Both changes apply to what the law defines as “consumer debts,” meaning “money or property, or the equivalent, due or owing, or alleged to be due or owing, from a natural person by reason of a transaction in which property, services, or money is acquired by that natural person primarily for personal, family, or household purposes.” Personal injury judgments are not included.

In addition, the rate reduction only applies to judgments of $25,000 or less.

The changes apply only to judgments entered on or after January 1, 2020, not to existing judgments.

In a statement, Governor Pritzker said the intent of the legislation is to relieve consumers from the burden of high-interest 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,” he said. “Today, here in Illinois, we are giving real relief to those who are simply trying to pay off their debts, so they can end the cycle of debt they are trapped in.”

We offer free consultation to persons with debt collection problems. Please send whatever letters, court papers, or other documents relate to your problem and we will review without charge.