The looming recession continues to make financial headlines as the stock market swings. But the most important news is that the Fed yesterday deployed an economic stopgap of cutting interest rates -- again. Bernanke's house sliced borrowing rates between banks to the tune of 3/4ths of a percentage point to try to stimulate the U.S. economy out of the deep funk that's surrounding it.

To those with excellent credit and secure income levels (i.e. jobs), the ability to really seal in a good home refinance or auto loan will most likely start showing up soon.

The reward for those who are informed about their own finances and take steps to ensure excellent credit histories always comes into play when the Fed drops interest rates. Even if you have an ARM for some odd reason and are facing a rate change soon, the lower interest rates may not spike that payment as much.

Mark Zandi with Moody's Economy indicated that, "Consumers with good credit scores and fixed-rate mortgages should refinance immediately to lock in the new low rates .. start shopping tomorrow." In addition to mortgage rates seeing a drop for good-credit customers, credit cards may also see interest rate dips -- although an average $2,000 credit card balance may only see an annual savings of $10 to $15 per year.