Consumers can benefit by taking time to shop around for the best deal in financial services.

The FDIC suggests that consumers may be able to negotiate interest rates or other terms for mortgages and credit card or other loans. Negotiation can save "hundreds or thousands of dollars over several years" (Spring 2008 FDIC Consumer News, www.fdic.gov<<a href="http://www.fdic.gov/">http://www.fdic.gov/>;).

Start by considering the Annual Percentage Rate.

Rae-Ann Miller, special advisor on consumer issues in the FDIC's research division, states that many consumers overlook the APR and focus on monthly payments. However, "because of that, they don't realize how much the loan will cost and they could pay too much."

As examples, Miller points to payday and car-title loans which, while convenient, could "also have an APR as high as 300 or 400 percent."

With mortgages, don't jump for low, initial interest rates offered with some adjustable-rate mortgages. ARMs may be good deals, but you need to understand how rates can change and whether future increases may be more than you can comfortably afford. Fixed-rate loans may be better.

When looking for savings and checking accounts, the FDIC suggests that you consider the Annual Percentage Yield available from institutions. Compare the frequency of compounding.

Remember that fees are not included in the APY. Substantial fees for ATM usage or other account maintenance requirements can make "a big difference in how much you actually earn from the money you have on deposit."

Opinions expressed solely are those of the writer. Joseph Pellicciotti is a lawyer, professor and associate vice chancellor at Indiana University Northwest.