If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.

The Fed’s moves will result in lower interest rates on various consumer financial products and interest-bearing accounts. But don’t expect Wednesday’s single cut — or even another moderate cut or two this year — to necessarily drastically alter your financial life in every way.

The problem with interest rate cuts. The Fed's interest rate cuts have the potential to be great news for consumers. When the Fed lowers the federal funds rate, borrowing rates te