What This Week's Fed Rate Cut Could Mean for Your Money

Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.

The Federal Reserve cut interest rates at its last policy meeting and is gearing up for another rate reduction this week. 

Sure, there are plenty of other important things to pay attention to. But interest rates have a direct impact on your finances. 

Interest is the cost you pay to borrow money, whether that's through a loan or credit card. Lower interest ...