What the Fed rate cut means for your money

The Fed just wrapped up its final meeting of the year and cut its benchmark rate by a quarter of a percentage point. [music] It's the third straight rate reduction this year. So, what does it mean for your money.I'm Sharon Eper, the senior personal finance correspondent at CNBC [music] and editor of the Money 101 newsletter. Just because the Fed cut rates doesn't mean your borrowing costs are going to automatically go down. Consumers with short-term variable rate debt, like credit card debt, will [music] se ...