This article on ABC News.com was published shortly before the announcement that the Fed cut the intereste rate by half a percent, so you can ignore the “if they cut it this much…” part. The important thing about this article is that it explains what this means for the average person. No financial jargon. More specifically, here’s the part that really matters to borrowers:

And what does this mean for consumers? Will it help us get a handle on our mortgages and our credit card debt?

The bottom line is, lower interest rates are a good thing for consumers. While the Fed does not directly control mortgage rates or interest rates on credit cards, it does have an indirect impact on these rates. Credit card interest rates will dip slightly, as will auto loans and, even, mortgages.

Homeowners with adjustable rate mortgages could see their rate reset at a lower amount, which is good news. However, the cut would not have a meaningful impact for consumers. The typical credit card holder could see their monthly payment drop only a couple of dollars, and homeowners could see mortgage rates dip slightly.

For those of you seeking financial jargon, here you go.

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