The Federal Reserve has cut interest rates by half a percentage point, marking the first cut in over four years, in response to a slowing job market and reduced inflation. This move is expected to provide some relief to U.S. consumers facing high borrowing costs, particularly those with credit card debt. Analysts predict that both deposit and lending rates will decrease rapidly as banks compete to attract deposits and profit from loans. However, the impact will not be immediate due to the lag in monetary policy, and further rate cuts are anticipated in the coming months. While this rate cut could help lower monthly payments and refinancing costs, high credit card interest rates and delinquencies remain significant challenges for consumers.