I would speculate that it is going to be difficult to get ANY kind of line of credit for the next decade. Creditors will have to be more cautious in terms of who they loan money to. Applicants will need spotless credit reports and, in regards to a mortgage, a higher cash down payment than what is currently the norm.

Due to the upcoming power shift in Washington, I wouldn't be surprised to see changes in the federal laws governing credit and loaning as well, which are LONG overdue, in my humble opinion. There needs to be more accountability for lenders and consumers alike.

I am personally in the process of cleaning up my credit report(s) by negotiating my last outstanding debt and establishing good credit history, e.g., using sparingly and paying every CC bill on time in full, while simultaneously earmarking all of my savings (after max IRA contributions and making sure I have a 12 month 'emergency fund') for a down payment on a future house.

I am aiming for 10 years from now to get a house of my own. I want to have my credit reports perfect and be able to put down 40-50% of the total cost, in cash, therefore significantly reducing the mortgage rate. I want to also make sure that I have liquid cash savings to live off of in an emergency, and/or to pay for those unexpected house repairs that will inevitably happen.

I wish I had more money to buy a house now, due to all of the cheap houses on the market, but I do not want to end up making the same mistakes that so many impetuous consumers in this country have recently.