Rachel Webster

And the Supreme Court agreed with Omaha. They said, you're right. People do love getting mail from Omaha, Nebraska. And they especially love to sign up for credit cards in the mail, even if it means they're getting a shittier interest rate. They said literally that? I'm pretty sure.

And the Supreme Court agreed with Omaha. They said, you're right. People do love getting mail from Omaha, Nebraska. And they especially love to sign up for credit cards in the mail, even if it means they're getting a shittier interest rate. They said literally that? I'm pretty sure.

But they also said that banks can charge whatever interest rate they want as long as it's legal in the state in which they're located. Damn. So, South Dakota. Oh, I know South Dakota. It's on all my credit card bills. Exactly. And I'll tell you why.

But they also said that banks can charge whatever interest rate they want as long as it's legal in the state in which they're located. Damn. So, South Dakota. Oh, I know South Dakota. It's on all my credit card bills. Exactly. And I'll tell you why.

South Dakota, being next to Minnesota, gets wind of this idea of sending mail across state lines and thinks, huh, we don't have a lot of business here. Just a lot of bison. Let's tell everyone in America that they can charge any interest rate they want as long as they BYOB. Bring your own bison? No, bring your own bank. Oh.

South Dakota, being next to Minnesota, gets wind of this idea of sending mail across state lines and thinks, huh, we don't have a lot of business here. Just a lot of bison. Let's tell everyone in America that they can charge any interest rate they want as long as they BYOB. Bring your own bison? No, bring your own bank. Oh.

So the next thing you know is enterprising Midwesterners start sending white-collar jobs to Sioux Falls and taking vacations to the Badlands and taking pictures of bison and thinking, damn, South Dakota is a great place for bison and banks. I mean, I do love bison. The next thing you know... What? All the banks are located in South Dakota and all the credit cards have super high interest rates.

So the next thing you know is enterprising Midwesterners start sending white-collar jobs to Sioux Falls and taking vacations to the Badlands and taking pictures of bison and thinking, damn, South Dakota is a great place for bison and banks. I mean, I do love bison. The next thing you know... What? All the banks are located in South Dakota and all the credit cards have super high interest rates.

You're right.

You're right.

This obscure ruling created the credit card industry as we know it today.

This obscure ruling created the credit card industry as we know it today.

Our lifetimes have been marked by this simple economic reality. Because of a bank in Nebraska and an unfettered capitalist agenda that turned unsuspecting, newly awarded members of the financial mainstream into lambs for the slaughter.

Our lifetimes have been marked by this simple economic reality. Because of a bank in Nebraska and an unfettered capitalist agenda that turned unsuspecting, newly awarded members of the financial mainstream into lambs for the slaughter.

Do you know what your interest rate is on your credit card? I think so.

Do you know what your interest rate is on your credit card? I think so.

Nearly half of us Americans do not know what our interest rates are. And nearly half of us also carry a balance on our cards. That means that we are getting charged an interest rate we do not know that's compounding on our balance every single month. So are you the kind of person who pays off their balance every month?

Nearly half of us Americans do not know what our interest rates are. And nearly half of us also carry a balance on our cards. That means that we are getting charged an interest rate we do not know that's compounding on our balance every single month. So are you the kind of person who pays off their balance every month?

When did that happen?

When did that happen?