The Federal Reserve cut interest rates for the first time in more than four years on Wednesday, opting to lower the rates by 50 basis points to a range of 4.75% to 5%.

Here's a look at what the rate cuts could mean for consumers.

What Happened:The Federal Reserve's decision to cut interest rates could have a trickle-down effect on several items that are important to consumers (i.e., mortgage rates, credit card interest rates, auto loan rates and more).

While the main priority with cutting rates or raising rates is to keep inflation in check at a goal...