 TITLE: The Fed Cut Rates—Here’s Why That’s Important CONTENT: How Could a Rate Cut Affect Other Types of Loans?\n-------------------------------------------------\nThe impact on other types of loans will depend on whether the loan has a fixed or variable rate and, if it's a variable rate, which benchmark rate the creditor uses.\nIf you have variable-rate loans, you may see your interest rate and monthly payment decrease. However, most personal loans, auto loans and student loans carry fixed rates. If you currently have these types of debt, a lower rate won't directly impact how much you're paying.\nLowered rates could create opportunities to save money by refinancing. As with refinancing a mortgage, you'll take out a new loan (with a lower rate) to pay off your current balance. Here's more information on refinancing personal, auto and student loans. END