OK, now you know if you were a winner or a loser after the Fed's decision. So what are you going to do about it?

Knowledge is a good thing, but knowing how to act on it is even better -- particularly when your personal finances are involved.

So Bankrate has taken a look at what's happened in five important categories -- mortgages, home equity borrowing, certificates of deposit, auto loans and credit cards -- and offered some advice on what your next step should be now that the Fed has made its move.

Mortgages

ARMs: If you're shopping for an adjustable-rate mortgage, keep an eye on the differences in rates between ARMs and fixed-rate loans. There hasn't been much of a difference lately, and therefore not much reason to get an ARM. The gap probably will widen, making ARMs competitive with fixed-rate mortgages again.

Fixed: If you're shopping for a fixed-rate mortgage, keep in mind that rates have been falling in anticipation of a Federal Reserve rate cut. Ask the loan officer or broker if now would be a good time to lock.

See mortgage rates in your area.

Home equity

HELOC: The rate on your HELOC balance will fall, but it might happen later than you'd like. Check your loan papers to see how long it will take for a Fed rate cut to affect your HELOC. It could take a couple of billing cycles.

Home equity loan: Rates on fixed-rate home equity loans have been a little lower than rates on variable-rate home equity lines of credit. That could change as HELOC rates fall. It might make sense to refinance into a credit line.

See home equity rates in your area.

Auto loans
"Competition among lenders is another big component of auto loan rates," says Bankrate senior financial analyst Greg McBride.

With dealerships competing with banks for buyers' financing dollars, savvy shoppers with good credit can find rates on auto loans below the national averages. As Jonathan Welsh reported in the Wall Street Journal Sept. 11, automakers have been loudly touting rebates and special financing as they try to prop up slumping sales.

Even luxury brands such as Lincoln and Acura are offering incentives with low interest-rate offers of zero percent and 2.9 percent respectively. Almost a quarter, 24 percent, of financing and leasing deals from July and August had interest rates of less than 5 percent.

A great interest rate on a loan won't necessarily make that new Mercedes within your grasp if you're on a Kia budget.

"Just remember that on a $25,000 car loan, one full percentage point translates to savings of $12 a month," McBride says. "You're not going to upgrade to the luxury car on that, but you can use the competition to your advantage to find the best deals."

See auto loan rates in your area.

Certificate of deposits
More than likely the Fed won't stop at 50 basis points. Expect additional quarter-point cuts in the months ahead. Current yields are probably the best you'll find. If you want to lock some money in a safe haven such as a CD, the time is now.

See CD rates in your area.

Credit cards
Shop around. No matter what's going on with rates, check out the competition to make sure you're getting the best deal and not paying more in fees and interest.

Always pay more than the minimum, if possible, and send payments on time to avoid late fees, rate increases and a lower credit score. Work at paying your balances off, and in the future, try to keep balances low enough so you can pay them off each month to avoid paying interest altogether and accumulating expensive credit card debt.

Compare low-interest credit cards.