The latest Federal Reserve System interest cut will not free up credit for Long Island businesses, according to at least one economic analyst.

The Federal Reserve cut lending rates Wednesday by a half point.

"It is not going to matter," says economic analyst Martin Cantor.

According to Cantor, banks are still not giving credit unless recipients prove they are low risk. Cantor also expects no change to come to mortgage rates.

"Nothing the Fed will do in terms of reducing interest rates is going to have an impact on people's ability to get mortgages," he says.

Credit counselors say the rate reductions could have marginal results on personal credit rates. Allen Fritz says fixed-rate credit cards don't have to lower rates, but variable ones may go down slightly.

"The credit cards will stay put," says Fritz. "It will cost them less money to buy the money and charge you more."