The reading, reported by the government Friday, is a sign of the continued weakness in the labor market even though the economy grew in the third quarter following the longest and deepest downturn since the Great Depression.

The government reported Friday that unemployment rate spiked to 10.2%, up from 9.8% in September. It is the highest that this rate has been since April 1983. Economists had forecast an increase to 9.9%. [Full Story]

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A courtroom deputy for Gropper said Gerber recused himself from the case. The deputy did not give a reason for the recusal. Gerber’s chambers had no immediate comment.

CIT, a source of financing to about one million small and mid-sized businesses, filed for Chapter 11 protection from creditors on Sunday after gathering support from most of its bondholders for its “prepackaged” reorganization.

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With this bankruptcy protection, CIT hopes to reduce the total debt of about U.S. $ 10 billion. Registration protection performed on Sunday (1/11/2009).

“Under the plan, CIT hopes to reduce total debt to U.S. $ 10 billion, and significantly emngurangi liquidity needs in the next 3 years, increasing the ratio of capital and accelerate profitability,” said CIT said in a statement as quoted by AFP, Monday (2 / 11/2009).

In the registration of Chapter 11 bankruptcy court in Manhattan, the bank’s 101-year-old was reported total assets of U.S. $ 71 billion with liabilities of U.S. $ 65 billion.

CIT Group Chairman, Jeffrey Peek said the plan would allow the child to his efforts, including CIT Bank to continue to operate during reorganization.

This bankruptcy will be a setback for the U.S. government, which has menyuntukkan U.S. $ 2.33 billion to the CIT in December through the Troubled Asset Relief Program.

“We will be looking very closely developments. But because the company disclosure on the package before the bankruptcy has been made clear, the recovery against the holders of common and preferred stock will be minimal,” said U.S. Department of Finance spokesman, Andrew Williams was quoted as saying by Reuters.

CIT shares had reached a peak of U.S. $ 60 per share in the year 2007, but continued to spur trade and on Friday (30/10/2009) only for 72 cents. (Qom / dro)

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Request Type Credit Line Billing Option New Account Line Increase
Credit Limited Requested:
Revolving (R)
Pay In Full (P)

Business Information Legal Name of Business Business Name to Appear on Card (24 characters or less) Business Physical Address (No P.O. Boxes)
Business Mailing Address

Contact Information
This person will be authorized to obtain account information, as well as make changes to the account. Changes include, but are not limited to, address changes and addition/deletion of cardholders. It is the responsibility of an authorized party to inform Creditor of any changes to the contact person. (Limit Increase(s) must be requested by
all authorized parties in writing and may required additional documentation, such as updated financials statements.)

Principal/Owner/Member/Guarantor Information
All owners of 10% or more, all partners and all members must complete this section and must guaranty this credit. Creditor may request financials and operating agreements

NEWFIELD NATIONAL BANK VISA BUSINESS CARD DISCLOSURE

Rates & Fees
Annual Percentage Rate (APR) for
11.99%
Purchases/Balance Transfers
Fixed
Other APR’s
Cash Advances: 11.99%
Default Rate1: 19.99%
APR’s FIXED
Grace Period on Purchases
25 Days
Balance Calculation Method
Average Daily Balance (including new purchases)
Balance Transfer Fee
$0.00
Cash Advance Fee
3% ($5.00 Min $20.00 Max)
Late Payment Fee2
5% ($5.00 Min $20.00 Max)
Over Limit Fee3
$20.00 (when limit is exceeded by $50.00)
Return Payment Fee
$20.00

1.Your purchase, balance transfer, and cash advances rates will adjust to the default rate if you are late three times in
a six-month period. A restored fixed rate after default may range from 11.99% to 15.99%.
2.This fee is applied if the minimum required payment is not received within 15 days after the closing date
subsequent to the payment due date.
3.This fee is applied if you exceed your credit limit by $50.00.

The information in this application is accurate as of March 2006 and is subject to change after that date. For current
information call our Card Services Department at 1-800-690-3440.

Benefits
Direct from Newfield National Bank

• NO ANNUAL FEE!
• Reward Points, $1.00 = 1 Point (Qualified Purchase Dollars only)
• Monthly, Quarterly, and Annual Management Reports
• Separate Credit & Cash Limits for each Cardholder
• Travel Accident Insurance
• Travel Advantage Program (including Auto Rental Insurance)
• Warranty Services

• Auto Rental Collision Damage Waiver
• Emergency Card Replacement and Emergency Cash Disbursement
• Purchase Security and Extended Protection
• Travel & Emergency Services
• Visa Liability Waiver Program

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The only wise course is to eliminate credit card debt — and to begin now. According to financial experts, there are five steps to becoming debt free.
Step 1. Stop adding to the problem. If you are thousands of dollars in debt and continue spending more on your credit cards than you make things are obviously not moving in the right direction and only getting worse. You must stop using your credit card to borrow from tomorrow for what you want today.

Step 2. Set up a budget. This can be a difficult exercise for many of us since easy access to credit cards allows us temporarily to hide the truth — that we spend more than we make. The interesting part of budgeting is that it spotlights how much wasteful and unnecessary spending we engage in that can be curtailed without undue pain. Nondiscretionary items such as mortgage or rent, utilities, food and insurance take up the bulk of most household budgets but it’s important to allow yourself some mad money to play with if possible every month. The difference is that instead of giving yourself carte blanche to get anything you want with a credit card, spend a fixed amount on discretionary items.

Step 3. Use cash rather than credit cards when possible. There is a reason that casinos give you chips to spend instead or requiring cash: People don’t attach the same value to noncash substitutes and will spend and bet more freely. It’s the same with credit cards, and retailers know it. People spend more when using a credit card versus cash for purchases. The next time you buy pair of new shoes or the latest CD, instead of scribbling your name on a charge card receipt, try laying out the cash. It’s amazing how it makes you think twice about impulse purchases.

Step 4. Another thing to do to eliminate credit card debt is to get a better rate on your existing credit card. If you have thousands in personal debt it can really help the monthly cash flow if you are able to transfer those balances onto a low interest or 0 percent APR credit card. Your credit rating will generally determine whether you can be eligible for the lowest rate offers but it could definitely be worth the effort. The low introductory “teaser” rate will last for only six to 12 months, but a smart consumer will use that time to aggressively paying down the debt, not running up more debt. (You didn’t already forget Step 1, did you?)

Step 5. Apply your newfound cash flow to retiring that debt. To eliminate your credit card debt the fastest, apply all extra cash to the debt with the highest interest rate. Living within your income, establishing a budget, paying cash (and spending less) along with better interest rate terms on your credit card debt should save you hundreds each month.

5 steps to eliminate credit card debt. [By Emily Starbuck Gerson and Ben Woolsey, Published: January 4, 2005 Creditcards.com]

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Consumers are arming themselves with shopping lists and budgets this holiday season in an attempt to keep credit card debt down, according to research by Information Resources, Inc. a market solutions consulting company. Consumers planning to spend less on holiday gifts this year

Though survey results indicate consumers are less concerned than last year about the recession impacting holiday shopping, researchers still expect people to approach the holiday season with conservatism.

More than 94 percent of survey respondents said they will spend no more than $500 on their holiday meal. Consumers are also paying attention to how much they spend on gifts by setting lower gift-giving budgets. The percentage of consumers with lower budgets — setting the limit at $499 — increased by 11 percent this year, while the percentage of people with higher budgets — willing to spend over $799 — fell by 13 percent.

Shopping lists are another must during the holiday season. Only 18 percent plan on purchasing holiday gifts without a shopping list and even less (11 percent) plan buying their holiday meal without a shopping list.

This holiday season will be all about deal hunting. About 80 percent of customers say the desire to budget is encouraging them to switch from name brand products to private label or generic brands. Sixty percent also cited the similarity between name brand and generic brand products as a reason for the switch. More than 90 percent of consumers say their grocery store purchases will be partially influenced by sales and discounts. Though cutting costs is a priority, a declining number of consumers say concerns about gas prices, cost of utilities and the recession will affect their holiday 2009 purchases.

The number of people saying the recession will impact their holiday spending dropped by about 5 percent from last year. Worries about gas and utilities effecting shopping ability has also declined from last year by 10 percent and 9 percent, respectively. Concern about food prices decreased dramatically, too, with a more than 20 percent drop.

“… Last year’s dismal holiday retail results are being left behind as consumers are slightly more optimistic about the economy and are much more savvy about how they attack their holiday gift and meal list,” said Thom Blischok, president of IRI Consulting and Innovation, in a press release.

These markers of improvement may spur a renewed interest in spending.

“American consumers plan to enter this year’s holiday season more hopeful, resulting in consumer confidence to selectively open their wallets wider than the 2008 holiday season,” according to the IRI Web site’s description of the 2009 holiday consumer.
See related: Gift cards: Everything you need to know, How to replace a lost or stolen gift card, Giving the gift of flight with airline gift cards
By Cara Henis Published: September 24, 2009 creditcards.com

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Unlike checks, these cards cannot typically be exchanged for cash or deposited directly into the consumer’s bank — they have to be spent somewhere, which merchants love. That fondness led to about $4.24 billion being loaded on to rebate cards in 2008 — a 53 percent increase over the previous year — reports Mercator, an advisory firm that provides market research for the prepaid card industry. Experts say there’s no slowdown in sight for this trend, whether consumers like it or not.

“Personally, I would have preferred a check, even though I can use the card like cash,” Deb Krol of Phoenix says regarding the rebate card she recently received from Alltel for her BlackBerry rebate. “It’s just safer in my bank account and not so easy to forget it’s in my wallet.”

Why businesses love prepaid rebate cards
Many businesses — from office supply stores to wireless companies — are switching to prepaid cards, and the reasons are multifold. One is the likelihood of boosted sales. According to rebate analyst Hal Stinchfield, CEO of Promotional Marketing Insights, a well-featured rebate card can result in “double-digit or sometimes triple-digit sales growth during the promotion period.”

One example of how companies can help themselves is by issuing so-called “closed-loop” rebate cards, which can only be redeemed at the issuing retailer. That helps ensure that the holder of the rebate card will ultimately return to the store and spend the rebated money — and, ideally, some additional money on top of that out of their own pocket — with that retailer. (The more common variety is the “open-loop” rebate card, which is issued through a traditional credit card network such as Visa, MasterCard, American Express and Discover. Emblazoned with the company’s logo to ensure the recipient knows its origin, the card may be swiped anywhere the network is accepted.)

Juli Spottiswood, president and CEO of Parago, Inc., a company that provides corporate and consumer incentive solutions, says that rebate cards also provide businesses with other advantages over checks. They “have a payment vehicle that allows them to message new promotions, products or offers (i.e., more ‘real estate’ in the card materials that are sent out versus a check) and extend a more professional image to their customers.”

Consumers not necessarily sold yet
Still, while companies are quickly embracing rebate cards, consumers are giving them mixed reviews. Some card recipients prefer them for their ease of use, but not everyone appreciates a wallet bursting with additional plastic.

One problem is that people are still getting used to the cards. Jeff Thompson of San Francisco says he accidentally threw the first couple he received away because didn’t realize what they were. Not reading the accompanying letter, he assumed they were “fake start-up cards from a credit card company.”

Keeping an eye on rebate card expiration dates can also be a challenge. Krol notes the importance of using them quickly. “I have to be really, really careful to remember to use it before it expires,” she says. All in all, she says, she would have preferred to just get a check instead.

Still others are suspicious about the motives of companies issuing rebate cards. Brian Peters, a New Yorker who started the budget travel blog nodebtworldtravel.com, says AT&T mailed him a rebate card for $7. “Why don’t companies send checks? Because they give them out with the hopes that consumers don’t use them,” says Peters. “I think people would find a way to use the cards if it was a large amount, but small amounts, people ignore … until the card expires and the company gets to keep the money that is rightfully yours.”

Cautions from consumer advocates
Consumer advocates have also chimed in about some of the cards’ drawbacks. Among the critics is Edgar Dworsky, former Massachusetts assistant attorney general and founder/editor of ConsumerWorld.org. “Using the card’s remaining balance can be very tricky and sometimes impossible; you have to find stores and store personnel who know how to process a ’split tender’ transaction,” in which you use what’s left on the card to pay part of your bill and put the rest on another form of payment, says Dworsky. He also points out that by using these cards for purchases, consumers lose benefits that come with their regular credit cards, such as extra warranty protection, buyer protection laws, reward point accumulation and helpful year-end accounting processes.

Fees, such as those for account maintenance after a certain time period has lapsed, are another cause for concern. “Some cards have fees associated with them, and if the responsibility for the fees falls to the consumer, it definitely mitigates the value of the rebate,” says Julie Parrish, CEO of CG Media, a large couponing Web site.

Outside of the fees, though, Parrish sees little difference in rebate cards and checks, explaining that both can be lost, have spending limitations and can be used virtually anywhere. And Mark Romanelli, vice president of sales for GiftCards.com, stresses a major advantage of the cards for those due a rebate: their quick turnaround. “We issue the prepaid card within two business days once the consumers rebate is validated by our clients, whereas when sending a check, the reward may take weeks to go out, depending on the merchant’s account-payable cycle,” says Romanelli.

How to use them effectively
As with all financial products, it is up to consumers to use rebate cards advantageously. Parrish explains they can even save money. “Rolling them into new rebates is a good way to keep the rewards coming,” says Parrish. “So, say a consumer buys X product with a $10 rebate. They get a prepaid card back to use again. Rather than spend that card on something frivolous, rolling it into supporting a new rebated item keeps their cash free to do other things with and ensures that there is always rebate money coming in.”

Other tips for rebate card use:

- Read the fine print. All cards come with a letter explaining the terms and fees.
- Be especially aware of expiration dates. Though most expire in a year or even longer, some expire in as little as three months.
- Keep track of the balance. After using the card, ask the merchant how much is left and make a note of the remainder.
- Be aggressive about split charges. If the purchase price exceeds the rebate card’s value, insist on cutting the bill in two — one for the amount on the card and another for the rest.

The final noteworthy distinction between paper and plastic rebates is the way they tend to affect shopping habits. Most consumers deposit checks into their bank accounts, and the money is absorbed into their pool of funds used for groceries, housing, gas and other essential bills. Rebate cards can mimic gift cards, making splurging on discretionary expenses tempting. Therefore, card recipients would be wise to remember that a rebate — whatever form it takes — is not a windfall but cash due for an item they’ve already bought. By Erica Sandberg Published: September 25, 2009 at creditcards.com

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