What the Fed Rate Cut Means to You

3/18 - "If you invest in stocks, you may be feeling a bit of relief at the 420 point rise in the Dow today. But if you have a balance on your credit card, don't hold your breath waiting for that rate to fall. Meanwhile, you may sleep more fitfully tonight as the rate cuts weaken the dollar and raise your cost of living."

"Some credit cards have gone down, but some cards have barely budged. For example, Chase Freedom actually increased its rate from 14.24% in September to 15.99% and Discover's Open Road credit card is at 10.99% today, just as it was before the rate cuts in September...If you have a variable rate mortgage that resets later this month, you are in luck. However, if you have a fixed rate mortgage and seek to refinance or you try to get a new mortgage, I would not be too optimistic about getting a steal."