IKEA Now Sells Consumer Electronics

The Swedish furniture store IKEA has announced it's entrance into the consumer electronics market. According to RedOrbit.com, the retailer has teamed up with China-based company TCL media to create a furniture line specifically tailored to accommodate the brand's home electronics offerings that will include HDTV's, Blu-ray players, and wireless sound systems. Like IKEA's other products, the new pieces will be designed for easy home assembly and sold in packing boxes. The new designs will be available in Sweden, France, Poland, and Germany as early as this summer, and are scheduled to hit the U.S. sometime next year.

Would you buy home electronics from IKEA?

New Government Rules to Help Stop Foreclosures

According to NYDailyNews.com, the Consumer Financial Protection Bureau has proposed new rules to help keep borrowers informed about their mortgages and ultimately reduce the number of foreclosures. The plan calls for requiring mortgage servicers to send consumers monthly statements detailing any changes in interest rates or insurance. Additionally, it would require lenders to make a good faith effort to work with borrowers heading for foreclosure and provide counseling for those who  need it. These changes will be introduced this summer and are projected to go into full effect by early 2013.

Do you think these measures will be effective in reducing the number of foreclosures?

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.

Walmart Gift Card Scam

According to 6abc.com, there are a few scams making their way through consumers email boxes and text messages. The first involves a text message sent to consumers stating that they have just won a $1000 Walmart gift card. To receive the card, consumers must click on a link or complete a survey. However, Walmart officials report that gift cards are not distributed in this manner and advise not to click on the link. The second scam involves a spoof email being sent to various consumers claiming to be from the Better Business Bureau. The email claims that the recipient has filed a complaint with the bureau and instructs the recipient to click on a link for further information. Again, it is advised that you do not click on the link as it may contain a virus.

What scams have you noticed circulating recently? What do you think can be done to protect consumers from email and text scams?

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?

FCC's New Rules on RoboCalls

According to CNN.com, the FCC is set to approve new regulations limiting the use of robocalls, pre-recorded messages sent to consumers by an automated dialer rather than a human being. The new rule requires written permission before any company can contact a consumer via text or cell phone using this method. Previously, telemarketers would be able to do so simply if an established business relationship was in existence, for example, a bank could robocall its customers to sell them other products like insurance or a credit card.

In addition to the written permission requirement, companies must also include an opt-out option for every pre-recorded message sent. The new rules do not apply to phone calls made by human telemarketers, but consumers are advised to place their number on the National Do Not Call Registry if they wish to avoid these types of unsolicited sales calls.

Have you received robocalls on your cell phone? What do you think about the new regulations?

Do Not Call Registry Scam

Scammers have found a new way to get consumers to give up personal information. According to kiiitv.com, schemers are calling people and actually pretending to represent The National Do Not Call Registry. Apparently, they offer consumers an opportunity to sign up for the Do Not Call list in exchange for their personal data. Obviously, these calls are not coming from the Federal Trade Commission and should not be responded to, warns Alan Bligh of the BBB.

The real National Do Not Call Registry allows consumers to list their phone number to limit the number of telemarketing calls the receive. Once a number is registered, it does not expire. For more information or to get on the federal Do Not Call Registry, visit www.donotcall.gov

Save Money On Your Next Meal

If you are looking to save money on your next date or family night out, check out EatDrinkDeals.com. The website provides information on the latest deals from restaurants like Applebees, Chipotle, Olive Garden, and KFC. The site also provides online coupons and happy hour specials. Komo News recently published a list of  websites that help consumers save on dining out. Aside from EatDrinkDeals.com, the list also included Restaurant.com and Bitehunter.com.

What is your favorite method for finding deals on meals from local restaurants?

*Jonesjustice Blog is not associated with EatDrinkDeals.com. No compensation was received for this recommendation.

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?

The Consumer Financial Protection Bureau's Role in Protecting You

The White House Blog recently released information about the Consumer Financial Protection Bureau (CFPB) and its role in protecting consumers from unfair and illegal lending practices. Previously, this responsibility was divided among many different departments with no single Federal agency in charge of overseeing the whole market. The CFPB is now the single entity in charge of monitoring and regulating financial products including making credit card, mortgage, and loan agreements more user friendly.

The primary roles that CFPB plays are to educate consumers and ensure they understand the fine print on credit and loan agreements, enforce consumer protection laws and regulate lending institutions, and research consumer complaints and financial markets for new risks. For more information visit The White House Blog.

What other measures do you think the Government should be take to protect consumers from unfair lending practices? How much responsibility do you think falls on consumers to protect themselves?

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?

States Raise Minimum Wage for 2012

According to Bankrate.com, 8 states have raised their minimum wage. These states include Florida, Arizona, Colorado, Montana, Ohio, Oregon, Washington, and Vermont. The Economic Policy Institute estimates that these raises will increase GDP by $366 million. The federal minimum wage is $7.25 per hour or just over $15,000 annually. The elevated wages will amount to approximately $15 extra income per week.

During this economic climate, do you think these increases are sufficient?

New Company Launches Free ATM's

Tired of paying fees for using ATM's outside of your bank's network? Well, a new company has developed a way to deal with charges for automated teller transactions. Free ATMs NYC has created a machine that requires consumers to view advertisements during their transactions in exchange for the ability to use the ATM for free. According to CNN Money, the company plans to launch several thousand of these money machines by the end of next year. The only catch: consumers are still liable for any fees imposed by their own bank.

Would you be willing to view a few advertisements to avoid paying ATM fees?