If you are a small business or an individual, it should come as no surprise that it's difficult to borrow money. Even businesses trying to borrow through the SBA loan program are having difficulty. The reality is that credit is loosening for the big players, but not necessarily for individuals quite yet.

One consequence of the difficulty in borrowing is that GMAC has raised lending standards so that you must have a FICO score of 740 or above. That's only a little more than a third of Americans. Historically, that's a very different scenario than it has been in the past when they would lend to anyone with a pulse who wanted a car. Now the pendulum has swung the other way.

It's no surprise either that auto sales are the worst they've been in 25 years. But there's always a silver lining to be found somewhere. If you're in a position of economic strength, now is a great time to buy a large vehicle. There's a massive oversupply of SUVs, for example, that should hang around for another 3 to 6 months. With gas prices dropping, now may be the time to strike.