Social networking merges with personal finance

If you're part of my generation, online social networking is a part of life. When you meet someone at a party and you hit it off, you ask if they're on Facebook. If you meet a band, they'll likely give you their Myspace Web address. Your photos are probably on Flickr for your friends and family to see. Maybe you have a blog or Web journal to update the world on your life.

Now there is an online community for those who are trying to better their financial situation: Debtsy.com, a new Web site I read about on WalletPop. "Debtsy is a place where you can connect with others as you eliminate debt and build wealth," the site's tagline says.

On the site, you can blog about your money situation, track your net worth, learn to invest and join a network of people who have the same goals. The site also has many different groups you can join and participate in, ranging from students working to pay off education loans and credit card debt to wannabe investors trying to learn the tricks of the trade. You also have the ability to control who sees your information, which is vital in online communities.

While you may not want to share all your financial details and goals with strangers, it can be helpful having a place to track your goals, in addition to a supportive community with similar goals to provide advice and solace. In the age of credit card debt, I can't say it sounds like a bad idea.

Debtsy is currently in private beta testing, but if you would like to take part, you can enter your e-mail address on the site to request an account. I just set up my account, so I may have more to report soon.