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Give me some credit: I finally get the Fed!

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I finally get it. It took me a long time, but I think I'm catching on. For months and months I've been hearing about these Fed cuts and silently I scratched my head, too embarrassed to ask anyone to explain. I kept reading about how it would be good for the economy and how it would be good for me too! Yes! Great! Why?!

Finally today, while researching an article, I finally saw a clear, concise explanation of what was going on: These were the rates that might finally help me with my outrageous credit card interest rates! That's all anyone needed to tell me.

See, I got duped in college. Well, let's be fair. Back then, a free teddy bear was enough to get me to sign up for a credit card -- and I didn't know enough to bother asking silly questions like "What's the interest rate on that?" Since then, I have gotten slightly more wise, applying for credit cards with lower interest rates, consolidating my cards to the ones with the lower rates, and just asking my credit card company for a break. But I'm young. I don't have too much debt, and (after a solemn promise to my grandmother), don't carry balance on my credit cards. None. To my credit card company's chagrin, I'm quite sure. Nevertheless, my interest rates are nowhere near ideal.

I'm worried, like many of my friends, that we will be in financial trouble in the near future with no savings and a looming recession. One day, I may have to break my promise and start living on credit. (To be perfectly fair, I might have to do that next week when I get my car repaired.) And when I do, I'll need all the help I can get.

I'm still sorting through the exact cause and effect of the interest rate cut/increase on the economy as a whole, but in the very short term, I'm just glad that there might be some hope for me and my credit.