NASHVILLE, Tenn. (WTVF) — If you have credit cards, loans, or a savings account, the recent cut by the Federal Reserve on short-term interest rates will likely affect you and your money.

In September, the Fed announced a quarter-point interest rate cut, but what does that mean for you? Can you save a little more money?

First up – credit cards. If you carry a balance, expect a slightly lower interest rate. Ted Rossman with Bankrate says you might not notice it on your monthly statement.

“If you have the average debt load, which is more than six thousand dollars, if you're making minimum payments, that monthly minimum payment changes by a dollar a month," said Ted Rossman with Bankrate. "Credit card rates are so high that honestly, even if that rate fell two or three points, which could t

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