How to protect your money

President Obama wants to create a consumer watchdog agency that would protect consumers from abusive credit card, mortgage, banking practices. But as talk continues in Washington, here's what you can do NOW to protect yourself from the tricks and traps of these products.

1) Get the right rate

If you have a good credit score - say, something above 730 - you should be getting an interest rate that’s below 10 percent, says Curtis Arnold of Cardratings.com. If your interest rate is higher than that, call and try to get it lowered.

2) Watch out for unnecessary fees

Did you know that brokers and bankers historically do not have any obligation to tell you if the loan they’re selling you is affordable for your wallet? It’s up to you to do the math. And when it comes to fees, there are usually so many that it’s easy to pay more than you have to.

You shouldn’t have to put up with annual fees. If you notice your credit card company is beginning that practice, now is the time to start looking at the hundreds of other cards that don’t charge an annual fee.

Remember, lenders can only charge fees for the services they provide. If you see charges you don't understand, find out what they're for and if they're necessary. Be on the lookout for things like "payment processing fees," "document prep fees" or "administrative fees" - these could be "junk fees" in disguise. Ask about them. If you're not satisfied with the answers you get, tell your lender you want a reduction - or better yet, try to get them eliminated all together.

And prepayment penalties - these are the fees you’ll pay if a mortgage is prepaid within a certain amount of time - are virtually obsolete since FHA-backed loans and conventional loans plus government programs like Help For Homeowners don’t have these penalties. That’s the bulk of loans today, according to Sam Garcia of Mortgagedaily.com.

3) Find the right product

Make sure you’re not pressured to sign anything you don’t understand. Take your time and get all your questions answered. Communication between you and the company should be frequent. It’s helpful if you’re able to talk to a human being. It's a good sign if you're notified about any changes. Disclosure is key.

Catch Gerri's Top Tips daily at 11:20 daily on CNN.