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.

78,838. According to the federal government, that’s the number of people who formally complained about debt collectors last year. As more and more consumers are falling behind on their bills, the collections industry is trying harder than ever to collect that debt.

According to the Federal Trade Commission, more complaints are lodged against the debt collection industry than any other. And they’re reportedly using technology like social networking sites or cell phone texting to get you to pay up. Experts say we’re just seeing the tip of the iceberg.

1) Know the rules

First, there are strict laws about how debt collectors have to do business. They must identify themselves as debt collectors. They can’t harass you and they can’t talk about your debt to anyone but you or your attorney. You shouldn’t be getting phone calls before 8 a.m. or after 9 p.m. They can’t threaten to sue you if they don’t have any intention to do so. And, they can’t misrepresent the amount you owe.

2) Stick with a 401(k)

First, if you’ve recently been laid off or you’ve lost your job, you may consider keeping your money with your old employer instead of rolling it over into an IRA. That’s because 401(k) plans are off-limits to creditors. IRAs have more limited safeguards. For example your money is protected in an IRA up to $1 million only in the case of a personal bankruptcy. But in other cases, state law determines how protected your IRA is from creditors. There may be a cap placed on exactly how much is shielded from these creditors according to Jay Adkisson, a California attorney who specializes in asset protection.

3) Don’t file bankruptcy unnecessarily

Sometimes people file bankruptcy in order to get creditors to stop calling them. But this is an expensive and unnecessary step if you just want creditors to stop calling you. Instead, write a letter to the debt collector and send it certified mail and pay for a return receipt so you know the collector received it. Once they get your letter they can’t contact you again except to tell you they won’t contact you anymore or they’re taking action against you - say, filing a lawsuit. Remember, just because they’re not contacting you anymore doesn’t necessarily mean you don’t owe the debt.

Watch Gerri's Top Tips daily at 11:20 am ET on CNN

Consumer bankruptcies are on the rise according to an industry report. But is bankruptcy the answer for you?

U.S. consumer bankruptcy filings rose 37 percent nationwide in May from the same time a year ago. And more Americans are filing Chapter 13 - the type of bankruptcy where you have to pay back some of your debt– rather than Chapter 7 - which your slate is wiped clean. The American Bankruptcy Institute expects almost 1.5 million new bankruptcies by the end of the year.

1) Are you a candidate?

You’re a good candidate for bankruptcy if you have high credit card, legal or medical debt that you don’t think you’ll ever be able to pay back. That’s because if you can declare Chapter 7 bankruptcy, this debt is discharged. Declaring Chapter 7 generally lets you get a fresh financial start - but thanks to changes in the bankruptcy code, getting a Chapter 7 bankruptcy is harder. A lot of folks will only qualify to file a Chapter 13 bankruptcy in which you have to pay back some of what you owe to creditors. If you have high student loan debt, alimony payments, unpaid back taxes or court-imposed fines, you can’t get out of paying those debts, says bankruptcy attorney Claire Ann Resop in Wisconsin.

2) Get the details

Declaring bankruptcy is not guaranteed to save your house, but it can delay foreclosure. When you file for bankruptcy, foreclosure proceedings are stopped dead in their tracks. And it won’t resume until your bankruptcy is completed. And that could buy you enough time to become current. If you’ve missed a few mortgage payments and you declare Chapter 13, you can spread out what you owe over time. And there are certain exemptions that vary from state to state. You can hold onto your retirement savings, some home equity, your Social Security, college savings, your car and household goods up to a point.

3) Find a credit counselor

In order to even file for bankruptcy, you have to receive guidance from a credit counseling agency that is approved by the U.S. trustee’s office. Go to www.usdoj.gov/ust and click on credit counseling and debtor education. Next, you’ll have to find a bankruptcy attorney. Make sure you get referrals. And keep in mind that bankruptcy isn’t cheap. It could cost $2300-$4300 depending on if you file a Chapter 7 or Chapter 13.

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

On Friday we'll get the latest snapshot of the unemployment industry. If you're one of the many people out there looking to land a job, here are some tips on how you can get an edge on the competition.

1) Get your resume to the top of the pile

Just applying on a company's Web site isn't going to get you anywhere: the percentage of online applications viewed by an actual human being ranges from 5 percent to 25 percent. A lot of companies use software programs to screen candidates, so, when you're writing your resume and cover letter, use the same phrases or keywords found in the job description, or reference a particular project that company has done to get it over that first hurdle.

2) Use Social Networking more effectively

And if you're using online social networking sites to get noticed, make sure you're using all the tools at your disposal. Don't just create a Linked-in profile: join groups, post comments, and actively update. On Facebook, diligently search for job listings in the Facebook Marketplace, and message hiring managers directly.

Finally, don't understimate applying to places where you know someone who can physically hand a resume to whoever's in charge of hiring. It's easy to get lost in the online shuffle- inboxes overflow- so getting a resume on a desk can go a long way towards scoring an interview.

3) Prepare for the Interview

Another great reason to apply to companies where you know someone is that you can grill them on the interview process

Luckily even if you don't know an insider, you can use online resources to get tips on specific companies. Glassdoor.com is a great site where you can get salary details for specific employers and interview tips from people who have actually sat in the hot seat.

For more of Gerri's Top Tips, watch CNN daily at 11:20 am Eastern Time.

If you are thinking about a career change, chances are the climbing unemployment rate has you too scared to even start looking. But are your options really that bleak? Here are some tips about how even in these tough times you can make headway on switching careers - and getting hired.

1) Use your time now to determine where you'd be happy later

No question it's a tough job market out there. Many companies are in hiring freezes or shipping jobs overseas right now. Even so it's a perfect time to focus on your career goals, so that when the economy does bounce back, you can be ready to apply.

The first thing you need to do is self-assess. The Web is full of great sites that can help you assess your personal skill set and find jobs that might be both fulfilling and rewarding. Online.onetcenter.org and Careeronestop.org both offer free online self-assessment tests and up-to-date employment information on a range of industries.

2) Find way to do a job before you commit

While these sites will definitely help you narrow down your options, the truth is you never know what a job is going to be like, hour-to-hour, until you've actually seen it up close. Go to careervoyages.gov to find videos of people working in specific vocations. You can watch bakers, geologists even fashion designers doing their thing. Try to find mentors in the areas you wish to explore and ask if you can shadow them. Look for part-time internships or volunteer opportunities that you might be able to fit into your regular work schedule.

3) Hone your marketable skills now

To really make the most of this recession, spend your time developing the skills that will most appeal to future employers. That doesn't mean you have to commit to another four years of school. Try to use your current position as a launching pad: see if your employer offers training opportunities for any skills that might be transferable to another job down the road. Look at class offerings online and at local community colleges, many of which tailor programs to what local industries are looking for in job candidates.

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

Getting a loan from a bank may be tough, but bank fees certainly aren’t hard to come by. Here’s how you can avoid giving banks even more of your money.

1) Watch for fees

Here are some fees you should be on the lookout for:

–ATM fees: According to the latest bankrate.com study, ATM fees average $1.97. That’s 11 percent higher than the prior year

–Overdraft fees: Overdraft fees kick in when you don’t have enough money in your account to cover a transaction

–Maintenance fees: Some banks charge a monthly fee regardless of your balance, while others will ding you only if you fall below a minimum balance

–Teller fees: Some banks will charge you just for going to the teller –perhaps if you have an express, or an online account.. you could even be dinged for writing too many checks

2) Avoiding fees

Don’t use another bank’s ATM. 99.2 percent of ATMs surcharge according to bankrate.com. So, to avoid these ever-growing fees, use your debit card to make a purchase, and just ask for cash back. If you really just need an ATM, make sure you avoid the ones at airports, casinos or any other place where the machine is the only way you can access money. Overdraft fees can be brutal. As high as $40 in some cases and Consumer Reports estimates that translates to over 1000 percent interest rate. Here’s how you can avoid them. First, link your checking account to your savings account. Next, keep track of your deposits/withdrawals and finally, keep a cash cushion (especially if you have companies that withdraw money from your account automatically) .

3) Join a credit union

Credit Unions generally have lower fees and higher saving rates on its products. Plus, if you’re looking for a credit card, the terms and conditions are generally easier to understand compared to large commercials banks. A Credit Union membership may be set up through your employer, a neighborhood association or a church group. You may even be able to join a credit union that serves just your local community. To find out where the credit unions are in your area, go to the National Credit Union Association Web site at ncua.gov.

Watch Gerri's Top Tips every day at 11:20 am Eastern Time.

College tuition increases about 5-8 percent a year. And most students are now just beginning to get their financial aid packages. If you’re astonished by just how much money you’ll be spending, here are some ways you can ease that student loan burden.

1) Let Uncle Sam forgive your student loan debt

Yes, the price tag for college can be daunting. A private-four-year college costs more than $25,000 a year. But there are some programs from Uncle Sam that can help you manage that burden through loan forgiveness. To qualify, you must perform volunteer work , military service or teach or practice medicine in certain types of communities.

Volunteering Loan Forgiveness Programs:

–Americorps: Serve for 12 months and receive up to $7,400 in stipends plus $4,725 toward your loan—that amount is likely to increase
–Peace Corps: cancel 15 percent of your Federal Perkins Loan per year
–Volunteers in Service to America: Provide 1,700 hours of service and receive $4725.

And students who are in the Army National Guard may be eligible for their Student Loan Repayment Program, which offers up to $10,000.

2) Loan forgiveness for teachers

If you become a teacher in an elementary or high-school with students from low-income families you can have a portion of your Perkins Loan forgiven. Each year you teach, you get a portion forgiven, up to five years. Contact your school district's administration to see which schools are eligible. Math and science teachers who work in high-need schools can also get up to $17,500 forgiven from their Stafford loan.

3) Cut medical/law school bills

Many law schools forgive the loans of students who serve in public interest or non-profit positions. Go to the American Bar Association for a summary of loan repayment assistance programs.

Here’s a sampling of some student loan forgiveness programs in healthcare:

–National Health Service Corps
–Nursing Education Loan Repayment Program

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

The clock is ticking down to April 15. But what if you're out of a job, or just strapped for cash and can't pay? First of all, you still have to file, even if you don't have the cash. Late filing, or not filing at all can increase your tax bill by 25 percent or more if you add in all those penalties and fees. And the IRS has taken special steps to work with taxpayers who are struggling.

1) A kinder IRS?

Here are some things the IRS is doing to help out struggling taxpayers: IRS employees will have greater authority to suspend collection actions in certain hardship cases. The agency may allow skipped payment/reduced payments in some cases. And back taxes take a back seat to refinance. If you have a tax lien on your home that's preventing you from refinancing, there is more flexibility there for you.
So bottom line here–if you're in trouble, get on the phone with an IRS agent. That number is 1-800-TAX-1040.

2) Know the rules

Some 2.6  million Americans lost their jobs last year. So, here's what you should keep in mind. First, you may still have to file. The IRS requires anyone who received a W2 from their employer and made at least $8,950 (if you're single and under 65 years old), or made at least $400 (if you're self employed), to file a tax return. You must pay tax on unemployment benefits. Don't forget to report freelance/contract work. If you made over $600, you'll be issued a 1099.

And finally, if you itemize, you can deduct what you spend on creating or mailing your resume, cell phone charges associated with your job search and transportation/ parking costs of going to an interview. But you cannot, unfortunately, deduct the value of your time or the cost of a new interview suit, briefcase or new shoes for pounding the pavement.

For more of Gerri's Top Tips, tune into CNN every day at 11:20 am Eastern Time.