The global credit crunch has been hard on consumers everywhere. Credit hasn’t been as easy to come by in some areas. People have lost jobs and their ability to pay off their credit card debt. Many have been forced to move from living beyond their means to being more budget-conscious. Does any of that reflect on your (or your family’s) situation?

Despite the fact that economic problems are usually pretty unpleasant for the “Average Joe,” it’s not all bad. The economy and how it affects our behaviour in using credit cards can actually teach us some important life lessons. For example:

1. Emergency financial situations can happen to anyone.

The sagging economy has shown us that no one is safe. Anyone, in any walk of life, could lose their job. People can lose their homes. Their entire lifestyle can change in the blink of an eye, in part due to circumstances beyond their control. You can’t assume that you won’t be one of those people.

It’s not enough to acknowledge that emergency financial situations could happen to you though. The real lesson to be learned here is that you should be prepared if one does. That doesn’t mean you should keep some available credit as emergency funding either. If you lose your job, you can’t afford to keep running up debt with interest-charging financing. So what does the recent economic situation teach us? Start an emergency fund, and make it a priority.

2. For every up there must be a down.

Some people got sucked into a world of spending beyond what they could really afford (meaning what they could afford to pay for outright with cash on-hand). Credit was easier to come by in many places. It was often taken for granted.

The sobering reality is that for every economic boom there will eventually be a downturn. The fluctuations are a natural part of economics. You can’t ride a seemingly perfect wave forever. Just because you can afford to finance several large purchases one day, it doesn’t mean things won’t change the next. Make living within your means a natural part of your lifestyle, rather than reserving budgeting and smarter buying decisions for the next recession. Then when the next downturn does come, you won’t be one of those consumers drowning in debt, scared half to death that you’ll lose your job and be unable to pay off what you’ve charged.

3. No one’s looking out for your finances but you.

Watching banks around the world during the recent credit crunch should serve as a reminder that they’re for-profit companies. Their actions will be in their interest — not yours. It’s up to you, and you alone, to take responsibility for your financial situation. You can’t wait around hoping for better terms on a new credit card, because you don’t know how difficult credit will be to come by tomorrow. If you want a better rate, it’s up to you to reach out to creditors to negotiate for better rates or fees or to set up a new payment plan. You can’t ignore tough financial situations when they arise. You have to be prepared to face them head-on.

Even if you’re one of the lucky ones who come through the economic troubles on top (or at least unscathed), you might be hit hard the next time. You never know. Learn some of these important financial lessons now, and you’ll be prepared for whatever the economy and credit card companies throw your way in the future.