How Did The Great Depression Affect The Credit Industry

What effect did the Great Depression have on the credit industry? First thing first the Credit Industry was created in the 1920, to stop the sharking loans industry. They Relaxed the lending Laws to make profitable to respectable banks to give out loans. Then the great depression hit in the 1929, which when the economy was down, people were scared, and the lack of jobs. Of course, the U.S. Government decided to relaxed lending laws even more to keep the banks going. So if the economy is down, no jobs people are pulling credits out left and right to keep their stuff. So the effect it had was that it increases people in debt, and actually make it more common.
During the Post War Era, borrowing money became a norm to society. They were using