In the month of August, Americans lost access to nearly $400 billion in revolving credit, which does not include another $2 trillion in available credit that has disappeared since the beginning of this financial crisis.

To compound these problems, an estimated one-third of Americans have a credit score under 650, which includes 25 percent of Americans with a credit score under 600.

At these levels, these scores are in sub-prime territory, which gravely inhibits these individuals from accessing much-needed credit.

The impact is devastating to the financial health of a growing number of Americans, and it will continue to weigh on the U.S. economy for years to come.

Armstrong Williams is on Sirius/XM Power 169, 7-8 p.m. and 4-5 a.m., Monday through Friday. Become a fan on Facebook at, and follow him on Twitter at