But many people are still wondering, what does a rate cut mean for my money? For those who’ve been waiting it out, the rate cut “will instill some hope in folks,” said Elizabeth Renter, senior economist at NerdWallet. Consider your (improved) debt repayment optionsThis week’s rate cut was good news for those struggling to unload themselves of credit card debt. They’re a popular savings instrument when interest rates are high, and as most economists expected, CD rates have already started declining since the Fed’s interest rate cut. “This rate cut is not something that should trigger you to go make any drastic changes to the overall direction of your portfolio,” he added.

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Persons: Jerome Powell, ”, Elizabeth Renter, Michele Raneri, “, “ It’s, Rodney Lake, It’s, cardholders, Now’s, Lake, don’t, Freddie Mac, ” Renter, they’ve, Raneri, Lee Baker, there’s, Bankrate, Baker, it’s, —, “ Don’t Organizations: NerdWallet, TransUnion, Federal Trade Commission, GW Investment, George Washington University School of Business, Apex Financial Services, P Locations: U.S