Woodstock Institute Senior Vice President of Policy and Advocacy Brent Adams sat down with KSDK NBC’s Mark Maxwell to talk about the many Illinois consumers struggling under the weight of unaffordable, exploitive debt along with the pawn industry’s efforts to evade Illinois’s new 36% cap on consumer loans. These predatory lenders target low-income Black & Brown communities.
One such consumer shared his story about getting trapped in a debt spiral. After this segment aired, two anonymous viewers called in to pay off his title loan.
We’re thrilled to see Illinoisans stepping up to help one another, but this shouldn’t be necessary. Woodstock is working to make sure ALL consumer loans are capped at 36%.