But business are not the only ones having a hard time getting approved for loans. Consumers are having a hard time getting approved for mortgages, auto loans, personal loans and credit. That’s resulting in even less spending simply because people with even good credit cannot get the money they need like they used to.

Eventually things will ease and consumers will be able to get approved for bank loans, but in the meantime people should take this as an opportunity. An opportunity to get personal finances back on track, increase credit scores and credit worthiness, and remember what it was like to save money and pay in cash.

Just like those who weathered the Great Depression, a very valuable lesson is to be learned here. Don’t spend more than you make, and don’t over-extend yourself with credit. If you can’t afford it, then you shouldn’t be able to buy it. After the Great Depression, there was a resurgence of saving money, living within your means, and a value in understanding one’s personal finances. While the lack of availability of money from lenders has an incredibly dramatic effect on the economy, there is some good that comes out of this.

That’s not to say that nobody is getting approved for loans. There will always be private lenders who are looking to put their money in other places than the stock market and can work out a deal with you. Despite the tightening of the belts at the major banks, they are still lending money. It just requires a better than average credit score and a sound personal balance sheet. If you can walk into a bank with both of those, you can get approved for a loan at pretty attractive rates. Until then, consumers may need to be a little creative and resourceful in coming up with the cash they need.