What are some of the cheapest ways to borrow money after the Fed rate cut?

Borrowing with a HELOC or home equity loan makes sense now that the Fed's cutting rates again. witthaya_prasongsin/Witthaya Prasongsin/Getty Images

Even the most optimistic of borrowers would have to admit that recent years have been tough. Thanks to a mix of high inflation and high interest rates designed to combat it, the costs of borrowing surged and there weren't many products that were immune.

Mortgage rates hit their highest level since 2000 in 2023. Credit card interest rates rose to a record 23%. Even personal loans, which offered borrowers an effective way to borrow, at the start of the decade, jumped into the double digits.

Now, however, there's reason to be cautiously optimistic about rates and borrowing expenses. Not only did the Federal Reserve issue thre