That’s the third-largest one-day point advance for the Dow in its history. But that's not quite easing fears when it comes to the impact at home.

The ripple effect continues as the Wall Street crisis hits people and businesses here and across the country. Getting credit is getting more difficult for all of us.

Whether you need help paying for a home improvement project or tuition, banks are hesitant to give out loans. And it's not just those with bad credit who feel the impact.

At BC Auto sales, home of the “guaranteed auto sale,” making those guarantees is getting dicey.

“It's because of the economy, and lenders have tightened up and it’s made it harder for clients to get financing,” said Brian Palmer of BC Auto Sales.

More and more consumers are buying cars the old fashioned way.

“This month, the majority of our business has been cash business,” said Palmer.

It's no surprise to Missouri State University economics professor Tom Wyrick, who says it's all part of the trickle down effect, which started with a record number of defunct home loans.”

“There have been lax lending standards over the past couple of years, so lenders are raising the quality of their loans,” said Wyrick.

That means, if you don't have great credit, you may not be able to get a car loan, home loan or even a student loan.

“The marginal borrowers - the people barely able to borrow -- would not be able to borrow or pay higher interest rates,” the professor said.

The economic impact doesn't stop there. Fewer loans mean less money that consumers are able to spend -- a reality that BC Auto Sales already faces.

“We used to do 50 cars a month and we're down to half that right now,” said Palmer.

Wyrick says this is not a short-term issue that will be solved when the stock market rebounds. He says Americans are going to quickly learn to live within their means -- a big change from the “buy now, pay later” attitude that financial institutions have been fostering for years.

If you can afford a loan and have good credit, Wyrick says you'll still be able to get a loan but you should expect to pay a higher interest rate.