There were multiple effects that were caused by financing the Civil War. Both sides had to come up with ways in how to finance the war, which created multiple consequences. Funding the Civil War led to massive inflation, it was 700% in the first two years of the Civil War. It also created a huge national debt, which amounted to be 2.68 billion dollars by 1866. Finally, it ruined trade relations with other countries. The relations were ruined since the north blockaded the south, which wouldn't allow cotton to be exported. Overall the economies of the north and south were negatively impacted.
"At the time of secession a family food bill was $6.65 per month, by 1863, it was nearly $68." - pg. 84 Confederate Ordeal the Southern Home Front