What the Fed interest rate cut means for your wallet

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. CBS News business analyst Jill Schlesinger joins “CBS This Morning” with a look at what the decision means for your wallet. Source