According to James Bianco, president of Bianco Research LLC, "If Libor doesn't come down, there is no relief" for a great number of mortgage holders. The best thing you can do to figure out if you loan is pegged to Libor is call your lender to find out.

For investors, yesterday's decision is going to be felt most immediately in their stock portfolios. Those of us who keep the majority of our investments in the stock market are definitely enjoying yesterday's news. Money is going to flow into the market and push stocks higher. If you avoided the urge to sell your poor performing stocks over the past couple of months, you are definitely getting some rebound, and should continue to see your investments make gains for at least a few more sessions.

Those who run the risk of being hurt from yesterday's action are those out there who save their money. Savings rates are going to under pressure, but this will probably not be felt immediately. Banks will be cautious about lowering rates before their competitors take the leap, so it is possible that this may not even happen, but it is definitely something to consider.

Credit card holders may feel a little relief in their interest payments, since credit cards should adjust their rates downward. However, customers with good credit histories who are enjoying the lowest rates the company offers will not be able to take any benefit from the cut.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.