However, there is light at the end of SOME tunnels

Health care was the only industry to add jobs in February, with a gain of 27,000 jobs. Job growth occurred specifically in ambulatory health care and in hospitals. One thing holds true/: certain industries are recession-resistant.

“Some jobs are recession-proof because they provide goods or services that are essential to everyday life,” says Laurence Shatkin, Ph.D., author of “150 Best Recession-Proof Jobs.” “Other recession-proof jobs protect us from harm and make the justice system work.”

Job Security

While no job is 100% secure, there are many industries that are consistently resilient. I’ve compiled a list below of 8 Recession-Proof jobs.

1. Registered Nurse

Jobs in the medical field are always in demand, regardless of an economic downturn. People will continue to get sick and will continue to seek medical attention.

2. Public Relations Specialist

With marketing efforts being cut left and right, company PR departments are becoming the sole provider of promotion efforts. And with layoffs, bailouts and bankruptcy, PR workers are putting out more and more fires every day.

3. Post-secondary Teachers

Workers and job seekers alike are riding out the recession by going back to school. They’re going to need someone to teach the influx of students.

4. Police Officer

Officers are employed by the government… and our current President is making sure that government jobs are secure. In addition, crime occurs every day, even more so as the economy worsens.

5. Insurance Agents

Americans still need insurance, regardless of a recession, especially to guard against the big needs – natural disasters, health-care expenses and car accidents.

6. Pharmacy Technician

As the population ages, the baby-boomers will be needing more medication. Plus, many Americans have some form of health-care coverage, so they will continue to be able to pay for their prescriptions.

7. Environmental Science Technician

The Obama administration plans to create 5 million “green” jobs over the next 10 years. A large percentage of the U.S. workforce continues to focus on green initiatives.

8. Network Systems and Data Communications Analyst

While many technological positions can be outsourced, certain tech workers, such as data communications analysts, must deal with problems onsite.

That’s just a sampling of some of the recession-resistant jobs out there.

What do you think?

What are other jobs that are going to become more needed and important? Not only through the current recession but also continuing through the early 2000s?

The credit card industry is dealt another blow

There has been a lot of talk about curbing abusive practices in the credit industry lately. American consumers are angry about skyrocketing interest rates and piling up late fees… and they’re letting the government know about it.

Finally, the government is responding. President Obama met with the executives of major credit card companies last week to discuss a solution. In the same week, a Senate panel approved a bill to limit harmful credit card practices. (link to related internal blog)

On April 30^th, 2009, the House of Representatives added their two cents - passing the Credit Cardholder’s Bill of Rights with a resounding 357-70 vote.

What is the Credit Cardholder’s Bill of Rights?

The Credit Cardholder’s Bill of Rights would restrict harmful credit card practices such as

-          ‘double-cycle billing’ - calculating interest on both current AND daily balance

-          retroactive rate hikes- applying rate hikes to pre-existing balances

-          approving credit card applications for minors - anyone under 18 years of age

When it will take effect

If the measure becomes law, it won’t take effect for one year, except for the requirement that customers get 45 days’ notice before their interest rates are increased. That requirement would take effect in 90 days after formal passage.

Awaiting the Senate

As mentioned above, similar legislation now awaits full Senate approval. House reps say the passage in the Senate looks promising and are optimistic of the outcome.

“A big vote in the House will create an even bigger momentum as it goes to the Senate,” House Speaker Nancy Pelosi told reporters.

Supporters want to get a final congressional package to Obama’s desk by the Memorial Day holiday.

Pew Charitable Trusts, a nationally recognized not-for-profit organization in Philadelphia, has released a 2007-2008 comprehensive study of the abusive practices of the credit card industry.

Over 400 cards likely to cause ‘monetary injury’

The year-long study, covering over 400 credit cards, found that 100 percent of the cards allowed the issuer to apply payments in a manner which, according to the Federal Reserve, is likely to cause substantial monetary injury to consumers. 93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement.

After careful analysis, PCT concluded that:

-          Current credit card practices place American cardholders at risk of sudden, potentially drastic price increases which can seriously impair a household’s stability and spending power.

-          Credit card issuers’ profitability can be sustained with the adoption of transparent and predictable pricing practices.

-          Strong, universally applicable laws provide the surest means of protecting cardholders and eliminating pressures for issuers to compete through unfair and deceptive practices.

For more on the Pew Charitable Trust’s report, click on http://www.pewtrusts.org/our_work_report_detail.aspx?id=50550. Read the full report at http://www.pewtrusts.org/our_work_report_detail.aspx?id=5055.

We Can Help

If you need help with your credit card debt and don’t know where to start, contact the experts at National Debt Assistance at (866) 551-4632.

On March 31^st, a Senate panel approved a measure with new restrictions on credit card interest rates. The bill, known as the Credit Card Accountability, Responsibility and Disclosure Act, proposes broader restrictions than the ones adopted by the Federal Reserve in December.

Who Approves

The measure passed on a 12-11 vote, with Democrats and Republicans split right down the middle. Democrats supported the bill, citing that banks are using lax rules to “gouge” consumers. “The list of troubling credit card practices is as lengthy as it is disturbing,” said Senate Banking Committee Chairman Christopher Dodd (D). “We got ourselves into a lot of trouble in this country because of a lack of underwriting standards.”

Who Disapproves

For their part, Republicans completely shut out the bill, worried that the new legislation would reduce consumer’s access to credit. Senator Richard Shelby, the panel’s senior Republican, said lawmakers hadn’t fully examined the bill.

Credit companies are also objecting the bill. “There is certainly a heightened concern over the impact of business practices,” said Ken Clayton, American Bankers Association senior vice president of card policy. “It may be more negative than positive.”

The Changes

The most noteworthy changes to the legislation include: prohibiting banks from charging interest on fees (such as late payment and exceeding credit limit fees); requiring credit card companies to disclose how long it would take to pay off a balance when making the minimum monthly payment; and requiring companies to send statements 21 days in advance, as opposed to 14 days. The act would also require the signature of a parent when the borrower is under 21 years of age, unless there is proof of an independent income or having previously taken a financial education course.

The bill now proceeds to a full Senate vote. Parties on both sides will have to wait and see…