The turmoil in the financial markets has made it increasingly difficult for many households to get credit, according to a money columnist for Bloomberg.

In his latest article, John M Berry points out that some key interest rates have changed little in the past year.

These include rates on 30-year fixed-rate home mortgages and so-called jumbo loans, which are at least one percentage point above their 2007 levels.

To make matters worse for Americans, many lenders have tightened criteria on home equity loans and non-mortgage loans.

"Lines of credit have been cut and the level of banks' commercial and industrial loans outstanding are shrinking," he wrote.

Last week, a finance professor, Dr Chris Robinson, said banks should offer more short term loans to Americans who need a quick and easy way of financing their debts.

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