It's Time to Give Consumers Relief

As more consumers struggle with unpaid debt, it's time to give consumers relief from high interest rates by implementing a 2% cap on interest rates, and allow that cap to be placed retrospectively on existing debt.

Please take a moment to urge Governor Hochul to sign the Fair Consumer Judgment Interest Rate Act into law.

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Dear Governor,

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I urge you to sign S.5724-A (Thomas) same as A.6474-A (Weinstein), the Fair Consumer Judgment Interest Rate Act, into law.

Consumer debt has increasingly impacted the financial resiliency of older adults in recent years. The onset of the COVID-19 pandemic has taken a devastating toll on the financial health of so many Americans. A recent nationally representative AARP survey found that 30 percent of respondents described their financial situation as worse than before the pandemic. Hispanic/Latino, lower-income, and women respondents were more likely than their counterparts to state that their finances are worse off today than they were a year ago. As more older adults take on debt and wrestle to keep up with payments, more consumers risk falling behind and defaulting.

Unfortunately, many consumers will be subjected to predatory debt collection practices. Unscrupulous debt-buyers take advantage of New York State’s extremely high 9 percent pre- and post-judgement interest rate in court to file money judgments on struggling consumers with unpaid debts, disproportionately targeting lower income New Yorkers and people of color.

It is unacceptable that debt-buyers can seek unfairly exorbitant interest on money judgments off already strained consumers. S.5724-A (Thomas)/A.6474-A (Weinstein) will lower the statutory rate of interest on money judgments to a more reasonable 2 percent per year, applying retrospectively to consumer debt judgments set prior to this legislation. Please sign S.5724-A (Thomas) same as A.6474-A (Weinstein), the Fair Consumer Judgment Interest Rate Act, into law.

Sincerely,

[First Name] [Last Name]
[Your Address]

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