Heath care reform is a touchy subject.  Will it help or will it not? Will it make health care more affordable or will it end up costing more?  Whether or not it will work the first time around, below are 9 health care reform goals posted in an article by the Atlantic, “9 Potential Game Changers in the Health Care Bill”

1. Form insurance exchanges

2. Reduce excessive prices

3. Moving to value-based payment in Medicare

4. Tax generous insurance plans

5. Empower an independent Medicare advisory board

6. Combat Medicare fraud and abuse

7. Malpractice reform

8. Invest in information technology

9. Prevention

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Reason why the new Overdraft Fee Legislation took place: to stop banks from charging unwanted overdraft protection fees that could cost around $30 a pop.

Imagine that you are enrolled in overdraft protection that charges $30 per overdraft occurrence and that you unknowingly have $30 in your checking account.

What will happen if one day, you go run some errands,

buying $50 worth of groceries at Ralph’s

Current Checking Account Balance: – $20 | Overdraft Incurred: $30

then get gas at Shell’s for $30      

Current Checking Account Balance: – $50 | Overdraft Incurred: $60

Then your bank account was automatically debited to pay your AT&T iPhone cell phone bill of $130

Current Checking Account Balance: – $180 | Total Overdraft Incurred: $90

By the end of the day, you would have racked up $90 making three very normal, regular transactions! And guess what, if you don’t pay them on time, you can incur late fees on top of that too.  Would you rather pay $90+ worth of clandestine overdraft fees or have the option to not make those transactions by finding an alternative way to pay for them. For example, comparing overdraft protections and payday loans, the latter would probably be the better option because you are only charged a one time fee for the loan term (unless you decide to rollover). With overdraft, you are charged per transaction until you are brought current.

Is a blind date worth an overdraft fee?

OK, maybe there are some circumstances where you may need to have this overdraft protection to save yourself from embarrassment: Maybe you’re on a date and it’s your turn to pay and you don’t want anyone to know that you don’t have anything in your bank account. Well in that case, you should probably check to make sure you have enough funds to go out before you make any commitments.

If you opt into overdraft protection, you can’t just turn it on and off arbitrarily.  Most of the time, if you knew that you didn’t have enough funds to pay for things, you would probably be better off not using overdraft protection because it can be very costly. So, when your bank has to ask you whether you want overdraft protection or not before automatically enrolling you – just say “No!”

The new credit card laws were made primarily to make credit card terms clear and fair so that customers understood what they were getting themselves into, giving them the opportunity to opt in or out of certain conditions.  However, despite common misunderstanding, the new credit card laws may affect card holders more negatively than they may do positively: because banks are forced to cut back on lending and accept less customers, they have to make up for it in other ways by imposing charges and restrictions to those whom they do accept as patrons.   The good news is that many of these changes have to be disclosed to the customer ahead of time – so just make sure that you have your eyes and ears out for listening!  Below are five not-so-great ways in which the new credit card laws can affect you:

1. Interest Rate Increases: Although the new credit card law prohibits interest rate hikes for 12 months for new accounts, existing card holders may have their interest rates raised with some over 20%, even for for those who have been on time with payments. The good news is that if this does happen, the bank has to notify you ahead of time, 45 days to be exact.  So watch out for the mail to see if this is going to happen!

2.  Credit Card Fee Increases: Banks are now charging new fees such as over-limit, inactivity (if you don’t use your account) or low-balance fees.   Keep in mind that banks have to disclose these fees to you to give you a chance to agree, opt out, or close your card.  Again, fees have to be disclosed ahead of time – make sure you’re in the loop!

“Five Ways the New Credit Card Laws Can Affect You”

3.  Over the Limit Fees: Banks now have to get your permission to let you go over your card limit or charge you the corresponding fees.

4.  Under Age 21 Restrictions: If you are under 21, you have to prove that you have your own stream of income needed to pay your credit card bills, otherwise, you will need a cosigner.  If you are thinking of cosigning for someone, you may want to assess the situation and keep an eye on the account because this could affect your credit directly.

5. Credit Card Rewards Changes: Banks are giving less perks and requiring more out of you to get them.  For example, to get certain perks, you may have to spend more on your credit card or have your interest rates raised.  If you’re into perks, shop compare different card perks and focus on the ones that give you the most goodies.

“Card Act – Major Provisions…..”

These changes can be tough for many, however, the good news is that they have to be clearly disclosed to you before they can take effect. So stay informed and take control!

Due to the recent Overdraft Fee Legislation, on Wednesday, March 09, 2010,

Bank of America announced that they will eliminate overdraft protection fees

for those who do not explicitly choose the option, effective June 2010 for new customers and August 2010 for current debit-card holders.  What will happen is that a customer’s transaction will be denied at checkout if there is insufficient funds in their account instead of incurring a fee, usually around $30, for each overdraft occurrence.  Compared to a payday loan which charges a one time fee for the loan term, overdraft fees can rack up a big tab in a very short period of time.  To save oneself from unexpected “Card Denied” situations, we recommend that you keep tabs on your bank account to make sure that you have enough funds before checkout.

“Bank of America Junks Overdraft Fees….”

B of A won’t be the only one: this new law will cause many other banks to follow suit, however, implementation might be a challenge because of  the software capability needed to adapt to individual preferences, according to some banking institutions.   However, no system changes will be needed by Bank of America to make this transition. If you are concerned about overdraft protection and would like to opt out of Overdraft Protection now, Bank of America advises that you call the number on the back of your debit card or visit a branch to speak to a BofA associate.

The income derived from overdraft fees have “paid the bills”  for many banking institutions, and now that they are going to get less of that, banks will have to create revenue elsewhere, like offering less free checking accounts, increasing loan interest rates, and charging more ATM fees.  Although the overdraft fee legislation may save you some money here, there are still other ways that may cost you elsewhere.

According to agreements between Tennessee Republican Senator Bob Corker and  Connecticut Democrat, Senate Banking Committee’s chairman, Christopher J. Dodd, a  proposal would allow the new consumer protection agency the authority to write rules for non banking institutions like Payday Loan Lenders, however, it would not be able to enforce the rules.  Instead, the agency would have to petition a group of regulators to enforce the rules.   Many argue that having the ability to write rules but not the ability to execute them would be almost useless.

Will new regulations really help the payday loans industry and the economy?  Here are some thoughts to consider:

• What new regulations will be made into law and are they plausible?

• Who will be a part of the board of members regulating non bank lenders?
• Payday lenders have contributed about $10 billion to the economy in 2007 and responsible for the employment of 77,000 people.  Regulators who put caps on interest rates or force payday lenders to cut costs through discharging employees will be furthering dampening the economy, especially when these types of alternative loans are  one of the few lending options left.   Traditional bank loans are difficult to come by, even with good credit, so those without the collateral, income, or credit could qualify for payday loans.   If payday loans become unavailable, where will people get loans?
• If the new consumer agency can only write rules and would require another body of legislation to enforce them, how cost and time effective will this be?

There are still many unambiguous questions to be answered and we hope that all things are addressed before things come into effect.

Ninth Season American Idol Recap of the three best performances of March 9, 2010.

The contestants are more talented than ever, not only having great voices but the ability to play other instruments such as the guitar!

Siobhan Magnus sings House of the Rising Sun

Crystal Bowersox sings “Give me one Reason” by Tracy Chapman

Lilly Scott sings “A Change is Gonna Come”

This news briefing brought to you by Direct Payday Lender, offering the fastest, most convenient way to get quick cash.

At Pay1Day.com, loans are typically funded within one business day.  Through an ACH transaction, the money can be wired into your bank account, typically in one day. What happens is that if you apply for a loan on Monday thru Thursday and are approved on the same day (typical if all information is received and verified within the same day), then we will send the money to your bank account at midnight.   However, it is then up to your bank to deposit the funds into your bank account.   Therefore, through an ACH transaction, your funds will typically be available within one working day.

In most cases, you can expect to receive your payday loan funds within one business day at Pay1day.com and the exact time that you receive your funds depends on your bank’s depositing activity.

According to a survey performed by Pay1Day.com in February 2010, 95% of the people surveyed declared that their greatest financial problem is that they had credit history issues and difficulty obtaining a loan.  The credit crunch has made borrowing from traditional banking methods increasingly difficult, leaving room for alternative loans such as payday loans to grow from 500 stores in 1990 to over 22,000 today. 

Loans are hard to come by, even with good credit.  Payday loan companies fill that gap by providing cash to those with good, ok, and not-so-perfect credit and creating an environment geared towards mainstream borrowers.  For example, many payday loan stores are cleaning up, installing attractive shelving, casings, and lighting.   In addition, they are extending operating hours to service customers who are looking to cash checks after their regular working hours.

Online payday lenders are following suit by offering customers the ability to apply for a loan online, receiving fast approvals, and money wired into their bank accounts, all done from the comfort of the borrower’s home computer.  Although they mainly operate online, some online payday lenders provide full customer support via telephone or email.

Payday loans are easier to qualify for than traditional loans, however, most lenders still require that the applicant have employment and advise not to obtain too many payday loans at once, capping it out at  2 or 3 outstanding loans at a time.

Sometimes the next pay date is just too far away and that’s completely understandable. How do you get some quick cash on short notice without having to run into hurdles with convenience, ease, and time efficiency? How about a payday loan from a direct payday loans lender? Let’s start by finding out what a payday loan is.

What is a Payday Loan?

Payday loans are commonly known as cash advances, payday check advance, payday cash advance, check advance, and other similar terms.
A payday loan is a small loan, both in the amount and repayment time period.  They typically range from $100 – $1000 and are meant to be taken out between pay periods, due upon the borrower’s next pay date.  For example, if you are employed and are paid biweekly, you can take out a payday loan and repay it on your next due date about two weeks later – however, the exact terms and conditions are dependent on the lender and the agreement between you and the lender.

What is the best way to get a payday loan?

Find a direct payday lender: There are tons of places where you can get a payday loan but the best place to get it is from a direct payday lender. In other words, with a direct payday lender, you get it from the source and not from a broker or a middle man, making it cheaper and faster.  Because you are going directly to the source, there aren’t middlemen markups and less time delays. Submit your application to a direct lender and they make the decision to approve your loan rather than having to wait for the broker to submit your application for you.Other Pros: With a direct lender payday loans, you also get benefits such as customer service support. If you have questions, you can talk with a live person in addition to being able to have fax and email support. It’s tough to find that kind of support with a payday loans broker. Get a loan from a direct payday lender now!

Get your payday loan online or from a store? You can get a payday cash advance from a brick and mortar store or get it online.  If you don’t want to drive around or wait in line, then getting a payday loan online is the better option because you can apply for a payday loan on the internet from practically any computer with an internet connection.   Applying online usually takes less than 5 minutes and with the right direct payday lender, you can get an instant approval right there on the internet.

With an online payday loan, you can expect to get money wired into your account most likely within one business day without the inconveniences of driving, messing with paperwork, or waiting in line.   Get an online payday loan now!

Receive the money and schedule to pay it back: Now that you have the money and can pay your bills, fix your car, get some groceries, or bought whatever you needed to buy, note the date that you have to pay it back so that you don’t incur any late fees or penalties.  It’s always best if you are able to pay your entire balance on your first due date because then you only pay for one set of loan fees.  Otherwise, if you rollover, given that the lender allows you to do so, then you will incur another set of interest fees, in addition to the first set of interest.  Once you find the right lender and understand the terms, you can feel at ease to  Get a payday loan now!