In this economy, many are struggling to pay for basics like food on the table and a roof over their head, let alone elective cosmetic procedures. But the sour economy did not stop a 44 year old Florida woman, Julianne Johnson, from getting the boobs she always wanted – she allegedly turned to credit card fraud to try and solve that problem!

Authorities allege she stole a credit card to pay for a weekend makeover; spa treatments, new boobs, and a luxury hotel room to recover from surgery. Apparently, she first attempted to write bad checks to try and pay for her surgery. When that didn’t work she turned to opening new credit cards using a man’s identity.

Johnson was arrested Valentines Day (how romantic) and is currently being held on a 105k bond in a Florida County jail. Repossessing a stolen car is one thing, but how do you repossess stolen boobs?!

With some of the credit card practices going on lately, it should come as no surprise as to why the Fed passed future credit card reform in December, and now Sen. Dodd is trying to make that happen sooner. Take for example Chase began charging approximately 400,000 customers a monthly fee of $10 if they have a balance on a low interest rate credit card. Additionally, they are increasing the minimum payment on these cards from the current 2%, all the way to 5%.

A representative from Chase claims this only affects 1/2 of 1% of their credit card customers. Whether that number is accurate or a lowballed figure, one thing is for sure – if a customer is given a 0% balance transfer promo offer or a 7.99% APR until balance is paid in full, the credit card company should be obligated to follow through with that commitment. A New York law firm has filed a class action lawsuit against Chase for this. If you would like to read more or have been affected by this and would like to join the lawsuit, you can visit the website of Giskan Solotaroff Anderson & Stewart.

A recent story on BBC recently reported that the payment method of the check turned 350 years old on Monday. Which brings us to the question… how much longer will checks be around? Most Americans born in the eighties and later have never even had their own check book because they use online bill pay, debit and credit cards, direct deposit, and other forms of payment.

Still think checks will always be around? Don’t be so sure. Checks are now rarely used in Germany, Sweden, Switzerland, and Belgium, and they’re not used at all anymore in the Netherlands. The only developed countries still using checks are the United States and the United Kingdom. And to see how rapidly it’s changing, ask yourself this question: Compared to the 90′s, how often do you see people at the grocery store paying with a check?

Others say “cash is king” and making a comeback because of the economy. But that actually is not correct. Well it is true that individuals and businesses alike have less credit available today, it doesn’t mean they’re paying with cash; instead debit cards are the popular alternative to credit.

After years of credit reform legislation stalling in the House and Senate, the Federal Reserve passed regulations on their own back in December, but as you probably heard those new rules don’t go into effect until July 2010.

Christopher Dodd, the Chairman of the US Senate Banking Committee, recently proposed credit card reform be passed in the near future, instead of waiting all the way until July 2010. He said that lack of regulation has led to consumers being “gouged” by credit card companies on things like late fees and interest rates. Dodd along with Senator Levin (D – Michigan) proposed a bill that would outlaw the “anytime, any reason” policy creditors currently have that gives them the right to raise your APR for virtually any reason. Credit Card Forum will keep you updated on how this turns out.

Starting March 1st Citi airline rewards will be a lot less rewarding! Previously the rewards program was based on fixed points given out. Now points are variable.

Now redeeming them will mean 100 points for every $1.00. Do the math and you will see that means 40,000 points will be needed for $400 flight. Before domestic flights up to $400 in value only cost you only 20,000 points.

If you were planning on using your Citi rewards to book a summer flight, book it now before the rewards system gets changed upside down.

On an unrelated note, days ago Citi still announced it is continuing with its $400 million sponsorship for the NY Mets. They can afford to give $400 million to a baseball team but not $400 plane tickets for the previous price cardmembers paid!

The government (our money) put over 306 billion (that’s with a “b”) dollars of liability on the line to bail out Citigroup alone. So what are they doing with that money? Well one thing they’re doing is suing a little mom and pop pawnshop for alleged copyright infringement.

Last week Citigroup filed suid against a Brooklyn pawnshop that goes by the name All Citi Pawn. They aren’t only suing for the use of the name and logo (which the owner voluntarily changed!) they are suing for all of the profits from the start of the business.

Citigroup is using your bailout money to stimulate the economy… the economy for frivalous lawyers!