Hello fellow financial bloggers!

I’m now accepting submissions for my 100 First-Class Financial Blogs list.

We blog for the people and for their finances, right? Well, I’m compiling this list so folks can find quality financial info in a flash.

This top 100 list will be promoted throughout the social media sphere so you can extend your blog’s reach.

For consideration to be named as a top 100 First-Class Financial Blog, please e-mail me (thedebtress at totalattorneys.com) the following details by Friday, May 29, 2009 at 5 p.m. CST:

• The name of your blog & a link to it
• A description of your blog (200 words or less)
• Why you rock in 12 words or less

Together, we can help folks rise out of this recession before they file bankruptcy.

NOTICE: Any entrants chosen will be listed at the discretion of TotalBankruptcy, Inc. and its affiliates. Those listed (i) agree to be bound by the decisions of the judges and/or TotalBankruptcy, Inc., (ii) represent and warrant that they are the sole creator and owner of the blogs submitted by them, (iii) agree that The Debtress/ TotalBankruptcy, Inc. may publish the names of their blogs without further compensation to the entrant, and (iv) agree that no claim relating to damages or losses shall be asserted against TotalBankruptcy, Inc. or any of its affiliates. TotalBankruptcy, Inc. makes no warranty, guaranty or representation of any kind concerning this contest in general.

I’ve been following the Credit Cardholders’ Bill of Rights as its snaked its way through the Senate and House.

Now that our Senators have approved their version, I think it’s time to post about what the credit card bill of rights might mean for you and me.

Keep in mind that the two houses of Congress currently have different versions of the bill, but both versions have similar terms.

Proposed Consumer Protections

• Card issuers must wait until a borrower is at least 60 days late on a minimum payment before increasing the interest rate on an existing balance.
• Issuers must give 45 days’ notice before changing any terms of the credit card agreement, including increases to the interest rate and alterations to rewards programs.
• Payments must be applied to the balance with the highest interest rate first (for cardholders with multiple interest rates on a single card).
• Issuers must mail a bill at least 21 days before it’s due. The current limit is 14 days, which gives borrowers less time to allow paychecks to arrive.
• Issuers cannot charge late fees until the due date has passed. Currently, many card companies consider payments received in the afternoon of the due date “late.” Further, if your due date is a Sunday or holiday, payment will be considered on time if it arrives by the next day’s mail.
• Exceeding your credit limit (and paying the accompanying fee) will require you to opt in (rather than occurring automatically if you make a purchase that puts you over).
• Credit cards will be more difficult to obtain for students and those under a certain age (18 in the House bill, 21 in the Senate).
• Limits and expirations on gift cards will be slackened, and vendors of such cards will be required to print and explain their terms more explicitly.

Potential Side Effects of Credit Card Rights

Although these protections are generally considered necessary and long overdue, they may come with certain drawbacks for enthusiastic and responsible credit card users.

Because card issuers will (hopefully) be picking up less revenue from penalties and fees, they’ll need to find ways to cut back their spending.

Some commentators (e.g. New York Times) suggest that certain rewards programs will be scaled back, so that benefits like airline miles and cash-back bonuses will be smaller.

Card issuers will still have incentives to reward big credit card spenders, though, since they’ll earn money from such users in the form of fees companies must pay to accept credit cards.

Stay tuned in–I’ll be posting about this legislation again if/when it passes into law.

As cell phones become less like traditional telephones and more like all-in-one personal computers, I’m hardly surprised by the new gizmos and applications I hear about. Bt this one caught even me by surprise.

According to an article on May 13’s BusinessWeek.com, MasterCard is rolling out MoneySend, a service that allows cell phone users to transfer money by text message.

Insiders apparently claim that MoneySend will make sending money from person to person easier and more convenient than traditional methods.

Here’s how it works:

1. Using a debit card, credit card or bank account, a customer registers online for a prepaid account.
2. A user can then transfer between $1 and $500 to a recipient by simply sending a text message.
3. A representative from MasterCard calls the sender to verify the amount of money sent and the intended recipient. This information is protected by a personal identification number (PIN).
4. In order to complete the transaction, the recipient must register online to select an account into which the money can be placed.

As of now, the service will be available for a fee, but sources suggest that some participating banks may waive the fees (at least initially) to encourage people to sign on.

Are Money Text Transfers Safe?

Some experts worry that MoneySend will not catch on because of security fears; apparently, Americans have been slow to warm up to other online banking technologies. This is a major reason why the security features resemble those of PayPal, which many Americans are already familiar with.

A bigger concern might actually be how the banks, cell phone companies and credit card issuers will divide the profits from the new technology.

Potential Uses for Money Texts

Although cell phone money transfers may sound futuristic, they could offer real benefits to certain groups of people.

A press release from Obopay, Inc., one of the companies involved in MoneySend’s launch, suggests using the text transfer for:

• Scheduling children’s allowances
• Sending children money and monitoring how it’s spent
• Sending money to family members across the world
• Getting money to people in emergencies

The article reports that MoneySend will be available later this month. If you’re having trouble managing your money, and are in serious need of debt relief, learn what filing bankruptcy might do for you.

Once upon a time, pawn shops had a reputation for being shady enterprises frequented by questionable characters – but, according to a recent MSNBC article, things are changing.

The state of the economy has led Americans to new levels of resourcefulness – and pawn shops are coming into their own.

So how can you benefit from a pawn shop in your neighborhood?

How Do Pawn Shops Work?

Pawn shops work like this:

1. Someone who needs money brings in some property of value (jewelry, TV, video games, etc.).
2. The proprietor offers a cash loan.

• If the person can redeem the loan (plus interest) in a given amount of time, he gets his property back.
• If the person does not redeem the loan, the property is fair game and it goes on sale.

Customers who visit the shop have their pick of the non-redeemed items others have been unable to recover.

Because items are used, prices are typically lower than in traditional stores.

So what kinds of items will a pawn shop accept?

Frequently pawned items include jewelry, electronic equipment, appliances, guns and entertainment gear (CDs, video games, etc.).

If you’re in need of some money and have valuable items on your hands, you may benefit from taking them to a pawn broker.

Buying from Pawn Shops

If you’re looking to make some household purchases, pawn shops may provide one of the few bright spots in this recession.

Many Americans are pawning major electronic gear like flat-screen TVs and Nintendo Wii systems.

The trend makes sense: people who invested in new, fancy electronics a few years ago (when the economy was booming along) may have sobered about such purchases now that jobs are dwindling and stocks are bottoming. They’re trying to scrap together cash to cover their bills so they don’t file bankruptcy.

Perhaps you could stand to benefit from the bounty available at pawn brokers.

When Will It End?
Economists are split over when this recession will ease and even if it’s hit its bottom yet.

While much of the news from the financial sector remains gloomy, it’s important to remember that bright spots exist – and you may benefit from them!

Mother’s Day is around the corner and every mom deserves a token of appreciation.

Even when you’re broke, you can afford time… check out the below list of inexpensive Mother’s Day gift ideas:

• Buy flower or vegetable seeds, stick them inside a homemade Mother’s Day card and set a date to plant them with her.
• Blow up an old family portrait and frame it. You can decorate the frame or make your own for a personal touch. Include a “I remember when…” story on the backside of the frame. The story will be the tear-jerker!
• Offer to do all the housework on that day and bring over a “chic flick” so she can unplug and do nothing for a change!
• Create chore IOUs she can use on request throughout the year.
• Make a CD of songs you know she likes (even those embarrassing songs!) Design the cover yourself.
• If you have it in your area, go fruit picking then make a delicious desert with her afterward.
• Offer to be chauffeur and butler for a day.
• Keep an eye out for any free concerts or plays in your area. There are usually a bunch around Mother’s Day!
• Make a beaded necklace or bracelet for your mom.

Whatever you decide to do, do it with love ~ isn’t that’s what matters to moms the most?

Have a fun and happy Mother’s Day to all the mommas out there!

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