More than one in four consumers (43.4 million Americans) now have a credit score of 599 or below, according to an Associated Press story.

The fallout has put the brakes on consumer spending and the subsequent increase in defaults has made lenders tighten their credit requirements for automobile and home loans.

'Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery,' the story said.

Millions of foreclosures have had a direct impact. A foreclosure can chop 150 points off an individual's score, the story noted. Even people with moderate credit (650 to 699) are now finding it hard to obtain affordable loans for cars or homes. Once a credit score is damaged it can take years to restore it.