With triple digit interest rate consumer loans continuing to evade consumer protections in several states, including Illinois, Senator Dick Durbin today announced the Protecting Consumers from Unreasonable Credit Rates Act of 2009, which would establish a federal interest rate cap of 36 percent.

"Here in Illinois families struggle to pay off installment loans, subprime car loans, bank overdrafts, internet loans, and car title loans––all of which contain the same unfair practice––triple digit interest rates,” said Dory Rand, Woodstock Institute president.  “It is this unfair practice that this bill would eliminate.”

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