About 4 million baby floats manufactured by Aqua Leisure Industries are getting recalled because of a drowning hazard. This, right before the July 4th holiday weekend.

The problem here is that the leg straps in the seat of the float can tear. This can cause kids to unexpectedly fall into the water — an obvious drowning risk. There have been 31 reports of float seats tearing, causing children to fall into or under the water. No injuries have been reported, according to the Consumer Product Safety Commission.

The floats come in a range of styles and colors. Some examples include the Baby & Me Combo, the Deluxe Toddler Racer, the Sunshade Buggy and the Quacker Float. for specific model numbers, go to the CPSC’s website at CPSC.gov.

They were sold at retailers nationwide, including Target, Toys “R” Us, Wal-Mart, Dollar General, Kmart, Walgreens, Ace Hardware and Bed, Bath & Beyond from December 2002 through June 2009.

Look for the names and model numbers that should be on the back of the float.

If you have one of these floats at home, stop using them. Call Aqua-Leisure for a full refund at (866) 807-3998. Or, go to their website at aqualeisure.com.

You may not have a bank account to match the King of Pop, but that doesn’t mean you shouldn’t put together a will.

1) Who should draft a will

You may not think you own a lot, but you may own more than you think — especially if you own a home, car or even a baseball card collection. And that means you’re a good candidate for making a will.

Generally, if you have property or money that you want to direct to another person, you should make a will. If you don’t have one when you die, the state you live in will decide who gets what.

What typically happens if you don’t have a will, your spouse will get up to half of your assets and your kids will get the rest. Making out a will helps to ensure your property is transferred to the right person. And it might help you avoid some nasty family squabbles.

2) How to draft a will

If your estate plans aren’t too complicated, let’s say you have a modest home, don’t have stepchildren, and don’t own a business, you can generally make out your will through an online program. It will cost you about $70.

But, if your situation is more complicated, say you have a vacation home or you’ve remarried, you may consider looking for a lawyer who specializes in estate planning. Keep in mind, going to a lawyer can be expensive. Generally it costs about $600 to $1000 per will, sometimes more.

3) Update your will

Anytime you have a life-changing event, you should consider revisiting your will. If you get divorced, remarry, have children, buy a vacation home — all these are indicators you should have your will updated. And don’t keep your will secret. Make sure your family knows where to find the latest copy. And keep your will in a fireproof lock box.

For more of Gerri’s Top Tips watch CNN weekdays at 11:20 am Eastern Time.

Tired of all the credit card fees? Swamped in debt from your plastic habit? Maybe you can’t even qualify for a credit card. More and more folks are turning to alternatives. Here are some options.

1) Credit union credit cards

Two Harvard doctoral students found that credit cards from credit unions were less likely to charge fees and penalties that big banks do. And when fees are involved, those fees are less. To join a credit union, you typically need to be a member of some kind of organization. Ask your employer or your college alumni organization if there’s a credit union you can sign up with. To find a credit union near you, go to creditunion.coop or call (800) 358-5710.

2) Prepaid credit cards

If you’re having trouble qualifying for a credit card, you may consider opting for a prepaid credit card. Basically you deposit money onto this card and use it until the money runs out. There are no bills and no interest charges. But there are some things you should be aware of.

First, there are a lot of fees associated with prepaid cards including activation fees, transaction fees and fees when you put money on your card. In addition, these prepaid cards aren’t covered by the federal statutes that protect credit-card holders from fraud or limit their losses when cards are lost or stolen, says Curtis Arnold of Cardratings.com.

But some companies will offer some fraud protection. These cards may be a good option for younger people who are just getting introduced to the world of revolving credit since it’s a safer option than a secured card.

3) Secured credit cards

Secured credit cards operate just like regular credit cards except they are secured by a deposit held by the issuing bank. In general you have to have $500 to $1000 to get one of these secured cards. And your credit limit generally depends on the amount of your deposit. You will have to make interest payments if you don’t pay in full. But if you want to improve your credit, using a secured credit card wisely can help you do that.

Watch Gerri’s Top Tips weekdays at 11:20 am Eastern Time.

While the cost of accessing the internet keeps rising, stick it to the man, log on to these Web sites and save yourself some of your hard-earned cash. The following, while certainly not the definitive list of money-saving Web sites, are some of the sites I start at before I go shopping.

BillShrink.com
Sure, those puppies on your credit card are cute, but are they maximizing your reward potential? Are you getting the most texting for your buck from your cell phone plan? Finally, a Web site that clears up these questions and finds the best credit card that fits your lifestyle, cell phone plan that matches your texting habit or the cheapest gas prices in your area. Simply, insert your information to the provided questions and the site gives you your best option. Sorry puppies, but times are tight.

Chegg.com
My friends complain about the rising costs of college books and that we should all re-evaluate our majors and publish textbooks when we are older, but this Web site could be an end to that dream. Chegg lets you ‘rent’ your book, and in return, saves you bundles of money. Select how long your school term is and the site adjusts how much it charges you. The books are sent out in a box, so returns are easy. Aside from giving you more green in your wallet, the company is also on the green bandwagon and plants a tree for every book you rent.

FatWallet.com
There is one thing that we can all agree on that should be fat – your wallet; and that’s what this Web site hopes to achieve. It has an easy coupon search that is essential before you hit your favorite stores and the friendly forum members will help you find the best deals. My favorite part is the Cash Back Shopping section, which shares the site’s commission with its users.

RetailMeNot.com
No doubt, searching in the deepest, darkest crevasses of the internet gets tiring, especially if it’s for a measly $1 off coupon. This site does the heavy lifting for you. Enter the Web site you are shopping, then coupon codes will pop out that other people are using. Next to the coupon code is a “success” meter that lets you know if it’s working for other shoppers and if it’s worth trying. It is hit or miss sometimes, but a worthy first stop in your shopping expedition.

Woot.com
That is what you’ll be saying when you log on to this site that sells a deeply discounted product once a day. Launched in 2004, the Dallas-based Web site releases a product — which can vary from Roombas to tennis rackets — every morning at 1 a.m. EDT for 24 hours, or until whenever it sells out. Unfortunately, customer service is not a priority here and its deal-with-it attitude might scare some, but don’t let that get to you if it is selling something you want.

Bernard Madoff is getting sentenced today for running a massive scheme and swindling investors out of more than $50 billion. Prevent your money from being “Madoff’ed.” Here’s how:

1) Do your homework

Look at their records by going to Finra.org. That Web site is managed by the Financial Industry Regulation Agency. The Brokercheck function on this site will give you the qualifications, including licenses, registrations and exams the broker has passed. You’ll also get the brokers employment history for the last 10 years. Look for the disclosure section that will list any trouble your broker was in. And make sure you get references from past and current clients.

2) Beware red flags

Watch out if your planner guarantees big returns on investments. Investing is always risky. And results should never be guaranteed. When purchasing investments, make sure you are writing checks to a third-party custodian, like T. Rowe Price or Fidelity Investments. Don’t write checks to your financial adviser directly, says Doug Flynn of Flynn Zito Capital Management.

And finally, you should never feel pressured to buy a specific product. Be wary of any adviser who dodges your questions or tries to put a positive spin on everything. Make sure they are a fiduciary — this is an ethical standard. A fiduciary is legally bound to watch out for your best interest. If someone does not have this designation, they are not required to put your best interests first, says Wayne Cooper of Wealth Management Exchange.

3) Know the potential conflicts of interest

Find out how your financial adviser gets paid. Some charge by the hour or a flat rate. Others earn money through commissions on products they sell. It’s not unusual for planners to have working relationships with companies that sell insurance policies or mutual funds. Make sure get a written description of any conflicts of interest.

If you’re in the market for financial planner, it’s worth your while to check out fee-only advisers so you don’t have to worry about anyone selling you a product for their personal gain.

Watch Gerri’s Top Tips daily at 11:20 am Eastern Time on CNN.

If you’re having trouble making your credit card payments, you may find help in the most unlikely place–your credit card issuer. As more Americans fall behind on their bills, credit card companies are having to write off this debt. To cut their losses, issuers now appear to be more open to settling or negotiating a payment plan for your credit card debt according to Lowcards.com. Here’s your best strategy for cutting a deal.

1) Get in touch with your lender

If you’ve lost a job or your monthly payments are just unmanageable, call your credit card company before you miss the first payment. Your lender may be more willing to work with you. Ask to have your interest rate lowered or try to negotiate a payment schedule. Banks are generally more willing to change the terms of your contract than to forgive your balance.

2) Getting your debt settled

Credit card companies don’t have hard and fast rules about who qualifies for debt settlement. In general however, if you’re 90 days or more delinquent on your credit card bill and there’s no hope of paying off your card, your lender may offer to settle, or forgive a portion of that debt. Make sure you call your lender and ask about this option. But keep your expectations in check. It’s unlikely that all–or most– of your credit card debt will be wiped away. And beware that if you do settle some of your debt, it may be reported to the credit bureaus as a settlement. And that could hurt your credit score for years to come. On the other hand, if the settlement is reported as “paid in full” on your report, it may not have a negative impact on your score. Make sure you ask exactly how it will be reported to the credit bureaus. In addition, if the portion of the forgiven debt is over $600, you will have to pay income taxes on that amount.

3) Forget third-party debt settlement companies

Don’t buy into ads from companies that promise to cut your debt in half. They usually charge high fees for services you can perform yourself for free. If you aren’t able to negotiate at all with your credit card company, seek help from a non-profit accredited credit counseling agency like the National Foundation for Credit Counselors. Counselors can negotiate with credit card companies on your behalf and you may be put on a debt management plan to help you pay down your debt.

Drowning in student loan debt? Starting July 1, there will be a new student loan program designed to help struggling grads make their payments.

1) Get the details

Starting next Wednesday, some college grads will be getting lower loan payments thanks to the government’s new Income Based Repayment Plan. This program calculates your monthly payments based on your income and your family size. So who qualifies? If you’re a graduate with a Stafford, Graduate PLUS loan, or you have a consolidation loan made under either the Direct Loan or Federal Family Education Loan programs Direct Loans or a Federal Family Education Loan programs, you may qualify. But as a general rule of thumb, your debt must be 1.5 times more than your gross income. To calculate your eligibility, go to Finaid.org.
The Parent PLUS loan does not qualify for this program. The eligible loans can be new ones just entering repayment or loans that have been in repayment for years.

2) How it works

If you qualify for the Income Based Repayment program, your monthly payments will be pegged to how much you can afford each month. Typically your loan payments will be less than 10 percent of your monthly gross income. If you make 150 percent or less of the federal poverty line (which is about $16,245 for a single person) you’ll pay nothing until your salary increases.

So, the people who will really benefit from this program are grads saddled with student loan debt who can’t find jobs; grads that have a lot of debt compared to income; and people who are going into public service. That’s because if you’re in this plan, you’re eligible for the Public Service Loan Forgiveness Program that wipes out your debt if you’ve worked full time in the public sector for 10 years. And Income Based Repayment also will forgive student-loan debt that remains after 25 years of making payments.

BUT…there are downsides to this program. You pay more in interest over the life of your loan. A reduced payment in Income Based Repayment usually extends how long you have to pay your loan back.

3) Contact your lender

Talk to your lender if you think you’re a candidate. The lender may ask for a copy of last year’s tax return. More likely they will have you complete IRS Form 4506-T to have the IRS send them a tax transcript of your federal income tax return as filed with the IRS, according to Mark Kantrowitz of Finaid.org. Your lender will look at the taxes you filed last year. So, if you’ve lost a job since then or endured some other financial hardship, make sure you let your lender know.

Catch Gerri’s Top Tips daily on CNN at 11:20 am Eastern Time

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.

Paying for prescription drugs is getting harder. New drugs are more expensive than they used to be, and consumers are shouldering more of the out-of-pocket costs. But there is help out there.

1) Help for the unemployed

Pfizer recently announced that it would provide 70 of its most widely prescribed prescription drugs for free to people who have lost their jobs and health insurance. The company will give away the medications for up to a year to people who have lost their jobs since January 1 and who have been on the Pfizer drug for at least three months. To sign up call 866-706-2400. Warehouses like Costco, Sam’s Club and BJ’s also have competitive prices on medicine.

2) Use the web

The web is a great tool for comparing price. Check out the following: Needymeds.com and destinationrx.com. One word of caution here, beware of fly-by-night sites, where your risk of getting counterfeit or tainted drugs rises. Look for sites that carry the “VIPPS” seal — it stands for Verified Internet Pharmacy Practice Site.

3) Drug discount cards

Think about drug discount cards. They are available from state governments, membership associations, non-profit organizations or for-profit businesses. You may be able to save anywhere from 15 to 50 percent on certain medications. The cards may have annual fees that range from $30-$60 per family or up to $9 bucks a month. Here are some places to get discount drug cards.

Togetherrxaccess.com, Merck has a drug discount card program. Go to merckhelps.com and Pfizer also has a program called Pfizer friends. Keep in mind there may be income requirements. And of course, don’t be shy. Ask your doctor for medicine samples.

Catch Gerri’s Top Tips weekdays on CNN at 11:20 am Eastern Time.

Uncle Sam wants to put you in a new car. A so-called “cash for clunkers” bill — just passed by the House — provides money to trade in that gas guzzler for a new, more fuel-efficient car. The bill now goes to the Senate.

1) What’s in the bill

The program would offer vouchers that allow consumers to save up to $4,500 on a new-car purchase. There are also various credits, for trucks and work trucks. Here are some requirements according to the House version of the bill. The old car must get 18 mpg or less city/highway combined while the new car must get at least 22 mpg city/highway combined.

The vehicle must be registered/insured under your name & in use for at least one year. And the car purchased must cost $45,000 or less. However, cars that have not been insured for the past year or those that are older than 25 years are not eligible to be traded in for vouchers.

These eligibility requirements vary depending on whether you’re getting vouchers for a light duty truck or a work truck.

2) Criticism

One of the biggest criticisms is that it’s not very environmentally friendly. Getting 22 miles per gallon isn’t exactly a gas-sipping car. Secondly, not a lot of cars will qualify for the trade in. Here are some examples of cars that would be eligible according to Edmunds.com: the 1990 Cadillac DeVille; 1991 Dodge Grand Caravan; 1990 Dodge Ramcharger and the 2004 Chevy Tahoe.

3) How it will work

First, you’ll want to see if you qualify. Get your car’s Mpg rating on the window sticker, or go to fueleconomy.gov. Once your car qualifies for a trade in and the car you’re buying is eligible for the program, there will be an electronic transfer of funds from the government to the dealer. The voucher amount would be credited as all or part of the down payment on a qualifying new car.

So far as we know, the vouchers will only be available for new car purchases, not used car purchases.

The program would last about a year and it’s expected to generate up to 1 million new car purchases. Experts say that the earliest we could see this program in action is October.

For more of Gerri’s Top Tips, tune into CNN weekdays at 11:20 am Eastern Time.