Video: The Best and Worst Ways to Destroy Debt

In this video, Money TalksNews provides some tips on eliminating debt.

What other tips do you have to handling debt?

Bank of America Voted Last in Customer Satisfaction Survey

A recent survey among banking customers shows that Bank of America has placed last in customer satisfaction. According to the L.A.Times, the popular bank while one of the nations largest, scored a 66 on a scale of 100 for customer satisfaction. This is the lowest rating the bank has received since the year 2000. This is also the fourth consecutive year that Bank of America has come in last place.

JPMorgan Chase came out on top edging out Wells Fargo for the number one position.

Despite rises in customer satisfaction in the banking industry as a whole, many consumers are switching from larger banks to local branches and credit unions. Because of this, credit unions have taken a slight hit in customer satisfaction overall, but they still continue to outperform other types of banking with a satisfaction rating of 82.

Do you prefer credit unions over traditional banking?

Amazon Begins Offering Loans to Online Merchants

According to msn money, Amazon is now offering loans to its online merchants. Although not officially announced, the program will offer business loans for users who sell products on Amazon.com. This move comes as many people interested in starting a business are unable to acquire traditional loans from banks. The loans are aimed at helping online merchants grow by providing financial means to buy more product. Amazon is said to be lending up to $800,000 to some sellers at interest rates ranging from 1%  to 13% in addition to pre-qualifying certain sellers based on their performance in the company's marketplace. Seller can sign up for the loans directly through their Amazon merchant account, and if approved, interest payments would be automatically deducted from their account.

Would you consider taking out an online loan to help grow your business?

3 Personal Finance Apps to Help You Track Your Money

Freelance switch recently released a list of personal finance applications to help freelancers and small business owners keep track of their finances. Here are just a few of those mentioned:

1. XpenseTracker helps consumers track personal and business expenses like mileage, business lunches, and other expeditures. It is available for the iphone or ipad and expenses are easily exported into Exel files that can be opened on a personal computer.

2. Pageonce allows users to pay and keep track of their bills in one place. It also sends out alerts and reminders when spending gets uncharacteristically high or when bills are due.

3. Grocery Gadget is an app. that helps users create grocery lists and save money by using e coupons from various retailers. Also, users can scan the bar-codes of their favorite items and the app. will create a list for future use and automatically calculate totals.

What personal finance applications do you use?

*Jonesjustice blog is not affiliated with these products and received no compensation for their mention.

Government Investigates Bank Overdraft Fees

According to WNYC news, the Consumer Financial Protection Bureau is looking to overhaul the way banks charge consumers overdraft fees. The agency will conduct research to find out how fees are calculated and the standards used for implementing them. This data will then be used to revamp the rules on such penalties. It is proposed that banks made over $15 million dollars last year in overdraft charges alone. According to CFPB director Richard Cordray, the majority of charges come from a very small minority of banking customers, in particular young checking account owners, and low income earners who are less likely to be able to afford paying back such charges.

Last year, a Federal Reserve rule was enacted to require customers to sign up for programs that charge overdraft fees. As a result, the number of overdraft fees have declined. Despite this, banks are finding new ways to recoup and make money from charging consumers various other fees for transactions.

Do you think banks have gone overboard with charging fees to customers?

FICO Scores Now Available in Spanish

For the first time ever, consumers will be able to access their credit reports and receive FICO scores in Spanish. Market Watch reports that FICO has just launched myFICO.com en Espanol. The site provides over 600 pages of consumer financial education materials and is the first website to provide complete access to credit scores in Spanish. FICO also helps millions of English speaking individuals manage their personal credit  through www.myFICO.com.

To get your credit report en Espanol, visit http://espanol.myfico.com

Free Financial Education Program for College Students

According to PR Web, The National Financial Educators Counsel (NDEC) is providing a free financial literacy program to colleges in an effort to teach students the importance of financial responsibility. Exposure to financial concepts at an early age can help young adults learn personal finance skills needed later in life. With student loan defaults on the rise, it is NDEC's goal to provide as much valuable information to undergraduates as possible. The initiative provides universities with a number of resources including workshops, awareness campaigns, video learning centers, and even interactive games.

What was the most important lesson you learned about money in college?

Walmart Offers Free Tax Prep

It's tax season again! Starting today, January 9th, Walmart is offering free simple tax preparation for its customers through a partnership with top tax companies, H&R Block and Jackson Hewitt. This is the second year that H&R Block is offering complimentary preparation of 1040EZ forms at kiosks in various Walmart locations. According to SFGate, the service will be available in stores through February 29th. Customers will have the usual options to receive their refunds via check, direct deposit, or as a prepaid card for those without bank accounts.

Will you be using a professional tax service or filing your own taxes this year?

Companies Offer New Credit Cards In Exchange For Promise To Pay Old Debts

There is a growing trend in the debt collection world. Although the practice has been around for many years, it is gaining popularity due to the large number of people with low credit scores that prevent them from obtaining credit. According to The Consumerist, banks and debt collectors are teaming up to offer credit cards to individuals with debt that has expired under the statute of limitations, in exchange for the promise that they will pay a portion of that old debt back. The problem is, once the consumer agrees to pay back even a portion of the old debt, it is renewed; thus allowing the collection company to make money on expired debts that they otherwise would be barred from collecting.

Would you be willing to sign up for a new credit card if it meant renewing your obligation to pay an old debt?

5 Money Saving Apps for Holiday Shopping

According to MSN Money, about 60% of holiday shoppers will use online tools and mobile applications to find discounts on gifts. Below is a list of tools to help consumers save time and money this Christmas Season.

Shop Savvy- Compare prices on an item simply by scanning its barcode. This app. also provides product reviews, and the ability to share potential purchases with friends.

Gift List- Allows the user to set a budget for and list out each gift they want to buy. Also keeps track of when a purchaser is reaching his or her spending limit.

Catalogue by TheFind- An aggregated catalog from major retailers. The buyer is able to find what they want and make purchases directly from their Ipad.

Price Check by Amazon- See if the item is being sold for cheaper on Amazon by scanning the products bar code, taking a picture of it, or typing the name of the product in the search bar.

FastMall- Creates a virtual map of the mall allowing the shopper to navigate the quickest path to their favorite stores.

Daily deal sites like Goupon and Living Social are also gaining popularity for their ability to alert consumers of sales going on in their local area. What tools will you be using to find the best deals this holiday season?

5 Free Financial Education Resources

According to NY Daily News, parents play a huge role in the financial education of their child. Below are 5 free resources to help you and your family learn about money management.

MyMoney.gov- Retirement and debt calculators, budgeting worksheets, and consumer guide to credit cards

Smartaboutmoney.org- Financial tips, quizzes, and articles

LearnVest.com- Free 10 day financial boot-camp

Mint.com- Keep track of all of your finances in one place

Bankrate.com- Numerous articles and tools for managing investments, credit cards, and mortgages

What other personal finance resources do you use?