Even if your credit is good, you may be experiencing now or will be experiencing in the future, the following effects.

1. If you have a card or two that you rarely use, because you were saving that credit for a rainy day, you'll find that card being cancelled or the credit line cut in half or less.  This forces you into a use it or loose it situation. 

2. Your credit lines will be drastically reduced...even if you have been paying your credit card bills on time.  This will rob you of the ability to adequately plan for the future.  And, you won't know your credit has been reduced until the card companies have taken action against your credit line. This is because the law states that they have 30 days to let you know that your credit line has been reduced, so they will reduce the line first and then send you a letter later. You may also see your credit line get cut back several times during the course of the next year, perhaps every 90 days or so. 

3. For what little credit you have left over, the card companies will be increasing your interest rates, making your bill go higher while denying you further credit.

4. If you live in an area where the mortgage crisis has hit hard, your credit lines will be hit harder by the card companies and your interest rates will go up higher than those card holders living in areas where the mortgage crisis wasn't as much of a problem as where you live. 

5. If you shop at stores that have had a higher rate of default related purchases, your cards will be hit harder by the card companies, as these stores are considered "risky" and that means that since you shop at a "risky" store, you are now a "risky" card holder. I don't know what stores are "risky" but a site that listed those would be a valuable site. 

6. If you pay off large amounts of debt on your cards, the companies will react by lowering your credit line to match your current balance. 

The bottom line is that you will find yourself, if you have not already, with "instantly maxed out" cards, higher payments and the feeling that you are trapped in a credit less world. Your only option is to continue paying your cards down as best you can, and pay cash for everything that you need.  Eventually the crisis will lift, but how long this will take is still unknown. If you can pay off your cards in a few months, do so, as that will save you a great deal of money in the long run. 

Still, this remains a prime time for start ups as windows of opportunity open up during any crisis. Consider www.easytaxfix.com   This site helps people file documentation to reduce their property taxes. (The argument with such a filing is "hey, my house is worth less now, so cut my taxes down, please."  The documents are not that hard to complete, but for 40 dollars or so this site has a wizard that makes it easier for you to complete and print out the proper forms. They also estimate your savings BUT they are way too generous on that, I don't think the projected savings they offer are very accurate.)  Anyway, this site has gotten some major press and is making a lot of money right now.

There are always ways to make money during a crisis. Just ask the credit card companies.