The credit crunch is having an immediate impact on Long Island.

"I am concerned," says Drew Cole, of Massapequa Park. "My company folded Thursday."

According to financial advisors, banks are clamming up and credit is becoming harder to get. Auto loans and credit cards may be harder to come by as well.

"Basically, we went from a couple years ago if you could breathe you qualified for the loan," says financial adviser Dominick Tavella. "Now, if you don't have absolutely perfect credit, we're not giving you any loans."

Small business lines of credit are also expected to dry up.

Tavella believes the economic crisis will end, but advises people not to get overextended on credit in the meantime.

"They are going to come out of this eventually ? but if you haven't been responsible in the past, your life is gonna be more difficult down the road," he says.

Simple steps to take in order to clean up your credit