A recent survey of financial professionals predicts that poor economic conditions will continue well into 2009.

According to the Association for Financial Professionals, 55 percent of those surveyed expect the economy to continue to weaken in 2009, while 29 percent expect things to remain about the same as they are now.

The survey also found that 49 percent expect their organizations to cut jobs over the next year, while 56 percent reported that they had considered doing so. And, 65 percent said their companies had either frozen or reduced hiring in recent months.

A total of 92 percent said they had cut costs or used other strategies to deal with the recession and credit crunch, which has been a major factor in stifling job creation.

"Tight credit markets continue to choke off businesses' ability to grow and hamper economic recovery," said Jim Kaitz, president and CEO of AFP.

Looking ahead, a majority in the survey predicted that access to credit for both consumers and business would be a major factor in the economy’s future direction. For consumers currently struggling to get credit, there are various options that can also be considered, such as payday loans.

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