PHILADELPHIA (WPVI) -- Now that the Fed has cut interest rates, consumers have questions.

How soon will we notice changes and how do we make that move work for our money?

Wednesday's cut was the first in nine months and it was one-quarter point. Economists expect one or two more rate cuts before the end of the year, and a third in 2026.

The common perception is that rate cuts have an overnight effect across the economy, but the real impact isn't that dramatic, and how soon your pocketbook will feel an impact from the rate cut depends on the type of loan or debt you're carrying.

"Somebody who might be carrying a balance on a credit card, you might start to see the rate change within one to two billing cycles," says Stephen Kates, a financial analyst at Bankrate .

Kates also tells

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