Here's how the recent interest rate cut could save you money

If you have credit cards, loans, and a savings account, the recent cut by the Federal Reserve on short-term interest rates likely impacts you. Consumer Reports breaks down the changes you might see on your next statement.

First up – credit cards. If you carry a balance, expect a slightly lower interest rate. If you have the average debt load, which is more than six thousand dollars, if you're making minimum payments, that monthly minimum payment changes by a dollar a month.

Consumer Reports says you may save money on interest by working with a credit union, bank, or a finance counselor to create a plan and pay off debt with a personal loan. If a cut-rate balance transfer offer tempts you, keep a close eye on fees and what your interest rate jumps to when the introductory period ends.

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