ABC News Good Morning America: Delaware's Plastic Engine Running Out of Gas
AFFIL appeared in this article by Matt Frucci and Lee Ferran on October 10, 2008
Credit card companies are to Delaware what cars are to Michigan.
More than a decade ago, the little state, home to Democratic vice presidential candidate Joe Biden, banked much of its economy on credit card deregulation — hoping to attract major credit card companies by loosening the rules.
“They’ve said, ‘Come here. If you’re located in Delaware, we’re not going to restrain you. You can charge the interest rates you want, the fees you want and you can export them anywhere in the United States,'” said Jim Campen of Americans for Fairness in Lending.