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New Year's Savings Resolutions

A few ways to save money... perhaps $1,000 or more.... in 2006, without changing your lifestyle in any way:

Fed Raises Interest Rates, Prime Rate to Follow

For the 13th consecutive meeting, the Federal Reserve today raised the Fed Funds rate 1/4%. This will translate into an increase in the prime rate to 7.25%, almost double the 4% rate when these increases started.

If you have a variable rate credit card, you've likely noticed your interest rates ticking up, as most of these are tied to the prime rate. With holiday spending underway, those who carry a balance this year may end up paying much more in finance charges than last year.

Fight Back Against $3.00 Gas

Here's a good credit card offer that will help cut your gas bill and with holiday purchases. It's the Chase PerfectCard. Benefits include a 6% rebate on all gas purchases at any gas station during the first 90 days, and 3% thereafter. Additionally, you'll pay 0% interest on purchases or balance transfer for a year. There is also no annual fee.

==UPDATE -- 10/31/05==

If you frequent Shell stations, check out the new Shell MasterCard, issued by Citibank. This card offers 5% rebates on Shell gas purchases as a permanent feature, not just during the introductory period.

How to Get a Completely Free Credit Report

As a result of a Federal law passed in late 2003, you are entitled to a completely free copy of your credit report from each of the three major credit reporting services (Equifax, TransUnion, Experian) once per year. (Eligibility has been rolling out in regions across the country; with the last group of states eligible on 9/1/05).

There's lots of 'noise' on the Internet... offers that tie free reports to signing up for some sort of credit monitoring service. There's nothing wrong with those offers if you want to keep very close tabs on your credit through the year.

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