Ben Gilbert: belief

Transcript context

…Wow, that's a lot more billions. That's a lot more billions. We've talked a lot here about the interchange and how Visa makes money in the transaction. I will say, half of Americans carry a credit card balance, which is absolutely brutal since those interest rates right now are around 22%. David, you and I learned in doing some research that the reason why we all get these credit cards from North Dakota is because every state used to have anti usury laws. No one was allowed to make usurious loans, and North Dakota was the first to drop them. That's why all the banks issued all their card programs out of North Dakota, because you could do things like have 22% loans made to consumers and have that be entirely fine. That's the sad history of why your credit cards always get mailed from there. There's no denying, that is really sad and unfortunate on the consumer debt side of all this. On the fee side, on the one hand, I'm tempted to say, oh, obviously tripling the amount of fees that merchants are paying for credit card processing over 10 years, that's ridiculous.…

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