On the matter of public policy, it’s always wise to look beyond its visible effects. In particular, what’s not happening as a consequence of what on the surface perhaps reads as helpful policy?
Questions like these logically come to mind in the aftermath of interest-rate caps implemented by the state of Illinois in 2021. Eager to protect those with the least from paying nosebleed rates of interest on unsecured cash loans, legislators passed a law that put a ceiling on the rate of interest that could be charged on those loans of 36%.
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