Bankrate shares three ways consumers can take advantage of the recent federal interest rate cut.
Consolidate your debt: Take your high interest loans and put them into one low payment
Get a better loan: Talk to your bank and see if they’ve cut rates on its loan. Talk with a loan officer about renegotiating any high-interest or adjustable rate loans into a fixed low interest loan.
Prepay or Save: Take the money that would have gone to high-interest payments and use it to pay down the principal. Or sock it in a high-yield online saving account or investment.