The cost of borrowing is coming down. For the first time since the 2008 financial crisis, the Federal Reserve cut interest rates. The central bank lowered the benchmark federal funds rate by a quarter percentage point Wednesday. The decision could make it easier for consumers to borrow money, on everything from credit cards to car loans. I joined CBS This Morning with a look at what the decision means for your wallet.

The cost of borrowing is going down, but so is the return on savings, after the Federal Reserve cut a key interest rate. I joined the CBS Evening News to explain how it will impact Americans.