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All of the effort President Obama has put into financial reforms: the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Credit CARD Act of 2009, could be in danger if Mitt Romney is elected the new President.

Mitt Romney and other high profile members of the GOP oppose the attempts to regulate the credit card industry Obama has made.

Facts and Information for cardholders on the two legislations:

The Dodd-Frank Reform signed into law by President Barack Obama on July 21, 2010

• Wall Street has deeper regulatory changes, stronger transparency of financial markets included.
• Consumer Financial Protection Bureau, introduced along with financial products with disclosures with specified standards
• Bail-outs and dissolution of bankrupt companies, coordinated by the government, at the discretion of the Federal Reserve in unusual or exigent circumstances
• Tightened regulations and improved accounting of credit rating agencies

The CARD Act signed into law by President Barack Obama on May 22, 2009

• Additional transparency to monthly statements of credit cards
• Universal Penalty and Late fee structure setup, including for first violation $25 and second $35 within the next six months.

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Tags: Credit Card, Mitt Romney, Romney

This week on The Broke and the Beautiful, the Los Angeles Dodgers have scored a new owner in basketball superstar Magic Johnson. Also, Dolby is making noise about acquiring naming rights to the former Kodak Theatre.

It was sheer magic—Magic Johnson, that is—that brought forward the beginning of the end of the Los Angeles Dodgers bankruptcy saga this week. According to The Wall Street Journal, the basketball superstar led a group to produce a $2.15 billion bid for the team, a price tag that easily strikes out the record of the $1.1 billion Steve Ross paid for the NFL’s Miami Dolphins three years ago. The Los Angeles Times notes that Johnson, known by his first name of Earvin in the business world, is popular and widely recognized and has one of the most successful careers of any former professional athlete. “He i

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Tags: Magic, Magic Edition

Earlier this week, I received a thank you flyer from ATT for signing up for their for roadside assistance program. The only problem with this is that I never signed up for it. Curious as to what I was going, I logged into their site to check my bill and boy, am I glad that I did.

After logging in, I discovered that they had added not only the roadside assistance to my cell phone bill ($2.99/month), but also the phone insurance plan ($6.99/month), and something called the enhanced mobile protection plan ($3.00/month). Thats a grand total of $12.98/month (+ tax) that I never authorized.

Needless to say, I was furious. These charges appeared to date back to January, when I upgraded to the iPhone 4S, but its hard to tell the exact dates. I dug up the contract from that day day and confirmed that I hadnt inadvertently approved these charges, and then I jumped on the online chat with ATT.

It took a little while to get everything straightened out, but they ultimately removed these extra services and I also got them to refund the previous charges.

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With the current economic times and money loosing value by the day, one has to make a financial decision on his/ her spending wisely. With the current hard economic times, one has to think of the future. This is why many people who are afraid of getting bankrupt and want to be protected by the law are taking these second mortgages to top up what they have in the lookout for more money. The only thing that they do not know is that these second mortgages are risky and could cause one to lose his or her house and belongings if unable to pay.

Second mortgages are taken by people who own a piece of land or a home and want to have a second one. They are taken against the same property that the family or one is having as security. This is why you should never confuse a second mortgage and a refinance. Mortgages are borrowed against the equity of a person’s property while a refinance is taking a plan to renegotiate about the first loan.

After taking a second mortgage on your home, many people end up misusing it because they do not realize the urgency and the risk factor of the mortgage until it’s too late. Her Read full article…

Tags: Make, Make Best

Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy.  Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”

This week, a bill that would allow the county to raise taxes to make up for their removal of occupational taxes.  Currently, county officials believe that if they do not declare bankruptcy, they will have to lay off hundreds of county workers.  Officials estimate the layoffs would account for about 40 percent of people employed by the county.

So far, the county has already made $30 million in budget cuts and expects to have to cut around $73 million more from their annual budget.

Contact the Birmingham personal bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 today, if you or someone you know is considering filing for bankruptcy in Birmingham.

Tags: Bankruptcy, Jefferson County