So if any of you are like me, you’ve probably heard about the Federal Reserve Board cutting short-term interest rates by three quarters of a point and wondered: What does that mean for me? Well, when the Fed lowers the interest rate, rates also drop for things like credit cards, mortgages, and home equity lines of credit. Also, if you can get a loan for something like a car, you should be able to find bargain. However, these are only useful benefits with people who can get loans. With the credit markets so tight, anyone with less than perfect credit may find themselves unable to enjoy some of these benefits. While everyone might not be able to get into the party, lowering rates are definitely a step in the right direction as we try to pull ourselves out of this recession.