With the unemployment rate in America at a 14-year high, there has been a detectable shift in the way people are dressing for work. In the financial sector, specifically, the tone has become more serious, and as a result, somber suits are making a comeback.
At Visa, the No. 1 card company, debit spending could surpass credit this year. The profits on debit cards are not as plump since banks do not collect interest on them. Comerica Bank won the right this year to issue debit cards to the estimated 4 million Social Security recipients who do not have bank accounts. In a basic change, debit is becoming the plastic card of choice for the American public.