The news is filled with stories about people having difficulty making payments on their mortgages in the face of steady increases in interest rates. What was once a fabulous deal for them has quickly turned into an albatross, something that could threaten their financial viability. Lost in all of this are those people who not only benefit, but thrive during times of higher interest rates. How about you? Are higher interest rates working to your benefit or not?

If you live on a fixed income, then you have suffered long enough with dismal returns on your savings. Likely, the bulk of your monies are tied up in a safe financial vehicle such as certificates of deposits. If so, then you suffered long enough with returns of 1.25% or so. Today, interest rates are climbing, so much so that a return of 4.5%, 5% or even higher is possible. This has meant an immense relief for people who live on interest income and want their savings to last them for the rest of their lives.

Of course, not every financial institution is paying the higher rates so it is imperative that consumers shop around for the best returns. Places to look include:

Online institutions such as ING Direct, HSBC Direct, and Netbank. Recent rates on CDs show an average of just over five percent on CDs with terms of one year or longer. This rate is above inflation, currently running at about 3 to 4 percent.

Select Credit Unions. Keeping up with online financial institutions, some credit unions are paying higher than industry average rates to attract and retain funds. Their competition is now any bank across the county, indeed throughout the world. Thus, to remain competitive, higher yielding rates are in order.

Bank Specials. To woo new deposits, some fixed base financial institutions are offering limited time specials paying a bonus rate of CDs. There may be some restrictions with these banks that the others don't have, such as a minimum deposit of $50,000 or a longer term ? such as two years ? for the CD versus six months or one year with other offers. Still, this is an option worthy of your consideration especially if you wish to see your account grow locally.

Certainly, the options today to earn a better return on your money are in place. Shop around for the best deal and you will be one consumer who has thoroughly taking advantage of rising interest rates.