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According to our friends at TMZ, IT didn’t take long for deadbeat father of three and aspiring rapper Kevin Federline to find a use for that new Black AmEx card that his wife got him.

K-Fed announced that, despite a career that has yet to amount to anything, he’s started his own record label, Federation Records.

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And it should come as no surprise to anyone that Federation’s first release will be K-Fed’s own album, Playing With Fire.

Does anyone other than the Gossip find this incredibly weird? Is the only reason for this label’s creation the fact that no established company will put its name on Federline’s album? Just a theory.

Britney Spears, meanwhile, been spotted heading into the recording studio lately, but Kevin seems determined to beat her to the punch with his own hip-hop album. If you can’t wait until October for release of Playing With Fire, you’ll have to make do for the time being with Kevin’s MySpace page and his live debut of “Lose Control,” the first single from his upcoming CD, at the Teen Choice Awards on August 20.

He’ll also be launching a new website on September 5, and a “Lose Control” video is supposed to come out sometime in early September as well. God help us.