#2 Higher mortgage rates and stricter loan requirements

If you already own your home and are paying your mortgage on time, this financial crisis shouldn’t have a direct impact on your lending. But if you’re planning on buying, refinancing or taking out a home equity loan, you may find it to be more difficult (if not impossible) thanks to now-stricter lending requirements.

The “no doc” loan is a thing of the past, and it will still be harder for people without good credit to get loans. Heck, even if you have good, but less-than-perfect credit you’re sure to have a tougher time. (Find out how to clean up your credit rating.)

Putting more money down may help you secure that loan. And, whatever you do, don’t bite off more mortgage than you can chew!

#3: Lower credit card limits

The credit crunch could also have a negative impact on your credit cards. We’re hearing from lots of people whose credit limit on their existing credit cards is being lowered.

American Express recently admitted that they are lowering credit limits based on criteria like where you live, where you shop and even who holds your mortgage.

If your credit card company lowers your limit, they must notify you by mail so be sure to read every piece of mail they send you! Miss the fact that your limit is lower and you could get socked with hefty over-the-limit fees.

A lower credit limit can also hurt your credit score. If you are concerned about your credit, learn How to Get Back on the Good Credit Track.

#4: Higher credit card fees and tougher approval standards

The credit crunch might even make it harder for you to get a NEW credit card in the coming months.

More and more banks will aim to increase profits by sticking with people who have good credit histories. But even for those with the most stellar of records, it won't be cheap — penalties and fees will still likely increase.

Bottom line: If you’ve already got a Visa, MasterCard and American Express card, you really don’t need any more plastic in your life. But if you ARE in the market for a new card, be sure to check out our quick set of how-to’s for choosing the RIGHT credit card.

#5: Investment losses

No doubt about it — the market has been and will continue to be volatile. We’ve been saying this a LOT lately, but it still holds true: Cash truly IS king right now.

For heaven's sake, don't fall prey to the Wall Street mantra of "buy on weakness." There's more trouble ahead.

For safety, consider buying municipal bonds because they’re currently yielding more than taxable bonds. Those higher yields are making a compelling case for anyone in the 25% marginal tax bracket, as well as higher earners.

As always, discuss the tax implications with your tax professional and only buy bonds rated AA or better. Find out more in Should You Buy Municipal Bonds?

#6: Job losses, hiring freezes and salary reductions

600,000 jobs have already been lost this year and almost 10 million Americans are currently looking for work. This isn’t just about the financial and housing industries. Unfortunately, this financial meltdown has spread and will impact the entire job market.

On top of more layoffs looming ahead, many workers won’t see much in the way of raises this year (worse, some may actually see salary reductions).

Protect yourself by investing in yourself. Become a more valuable employee and more marketable to others. Even more importantly, check out our 7 ways to recession-proof your job.

#7: Fewer financing specials and credit promotions

In the past, it was as traditional as mistletoe — that is, that special “no interest rate, no payment” credit promotion offered by your favorite retailer during the holiday shopping season.

Well, say goodbye to many of those types of offers ... at least for the foreseeable future. Sure, you’ll still spy the occasional special at your local electronics store, but odds are it won’t have the attractive payment terms. Plus, the interest rate will probably be sky-high.

Don’t fret. If you can’t pay for it with cash, you shouldn’t buy it anyway. After all, do you really want to be stuck making payments on Uncle John’s gift for the next several years? (And if you’re already doing that, don’t miss Pay Off Those Credit Cards NOW!)

#8: Fewer financing options for car loans

The financial crisis has hit the auto industry hard. High car loan delinquencies are causing lenders to pull back on financing.

Many people who want to trade in vehicles today are still paying off extended loans (of up to 6 years, in many cases) from their last car purchase, making things even more difficult.

What to do? If you can’t pay cash (our top choice, of course), you may want to consider leasing a new car. And if that’s not an option, check out Quick Tips for Financing That Car.

Bottom line: If you have excellent credit and are willing to buy a dealer-selected make and model, you may still qualify for low- or no-interest financing. Those deals are still out there for the right buyers!