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It is difficult to predict how long the current credit crunch is likely to affect consumers for, according to a financial expert.
After a number of months where tough financial conditions have forced many consumers to get professional debt advice, the Council of Mortgage Lenders (CML) has said it is not obvious when "normality" will return.
While the markets are expected to consolidate in the long-term, the short-term prospects are not as bright, according to a CML spokesman. Bernard Clarke said that the government may have to intervene if the problems carry on for too long.
Mr Clarke added: "Probably the biggest impact of the problems in the credit market are for sub-prime borrowers. In the longer term we expect the wholesale funding market to improve and become more liquid, but perhaps it will not be as liquid as it was before."
The CML is the trade association for the mortgage lending industry.
