CHICAGO (PRWEB) February 09, 2018
On Tuesday, February 13, 2018, Heartland Alliance, along with consumer protection organizations, will be joining Senator Kimberly Lightford and Representative Christian Mitchell for a press conference to stand up for and defend Illinoisans from outrageous and predatory lending rates that have trapped thousands in debt.
Predatory car title loans prey on residents every year with crippling triple-digit interest rates. These loans trap consumers in debt they can’t afford to repay – often for years - and put thousands of at risk of losing their car, a critical source of transportation to school and work. With annual interest rates averaging 188% and thousands of dollars in fees, a title loan for $1000 can cost up to 5 times more. Illinois law does little to protect consumers from abusive car title lending, as title loans are excluded from the laws that provide protections for payday loans and other small-dollar loans.
Title loan borrower and member of Illinois People’s Action, Billie Aschmeller, will describe the impact of these outrageous rates on her life. For a $500 auto title loan, one lender sought to receive more that $5000 from Aschmeller and her family.
Additional information about predatory auto title loans can be found here.
WHAT: Illinois currently has auto title loan rates that are predatory and leave consumers drowning in debt due to interest rates as high as 304%; Senator Lightford and Representative Mitchell, along with consumer coalition and community members, will share their experiences and call on legislators to protect the people of Illinois.
WHEN: Tuesday, February 13, 2018 at 3:00 pm CT
WHERE: The Illinois State Capitol Building:
301 S 2nd St, Springfield, IL 62701
- Senator Kimberly Lightford
- Representative Christian Mitchell
- Car title loan borrower and Illinois People’s Action member, Billie Aschmeller
- Heartland Alliance’s Jody Blaylock (Senior Policy Associate)
- Illinois People’s Action