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NEW YORK (AP) — Now, thanks to a long-awaited law that goes into effect Monday, you’ll know that if you pay the minimum on a $3,000 balance with a 14 percent interest rate, it could take you 10 years to pay off.

“Jaws will drop,” said David Robertson, publisher of The Nilson Report, a newsletter that tracks the industry. “I don’t doubt for a nanosecond that it’s going to give a lot of people a sinking feeling in their stomachs.”

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After months and months of negative news about the economy?s effect on the insurers IT budgets, a report surfaces that U.S. insurer CIOs? economic fears are receding as they plan for 2010 IT spending.

According to a new report from research and advisory firm Novarica, based on a survey of 50 insurer CIOs and senior executives during late July/early August, the focus will turn to supporting growth and improving operational efficiency Read the rest of this entry »