Another important financial development occurred with the Marquette Bank v. First of Omaha (1978) Supreme Court ruling, which enabled banks to charge their home state’s maximum interest rate nationwide, bypassing state usury71 laws. Generally, most states capped annual rates between 8 and 10%, the highest rate being 12%. Delaware, however, had no cap. Predictably, many banks are now headquartered in Delaware, and the average credit card interest rate is 24.74%. Some cards charge as much as 29.5% annually. Loan sharks would blush. So think about this. The average citizen, if they save their money, can only receive a safe return of 4-6% in today’s environment, but if they need to use credit cards to borrow money, they pay almost 25%. Who pockets the massive spread? You guessed it, the financial operators.

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