The full effect of the crisis will be felt in the new year, when consumers put the brakes on spending after Christmas, outplacement consulting firm Challenger, Gray & Christmas Inc. said.

"A significant slowdown in consumer spending is all it would take to tip the economy toward recession and ignite a job-cutting spree," Chief Executive Officer John Challenger said.

Challenger said he expected job-creation opportunities in areas actually benefiting from the housing meltdown.

"It's unfortunate, but there may be a growing need for debt collectors, repossession officers, as well as real estate lawyers specializing in foreclosures," he said.

Challenger said he also saw job growth in areas related to the environment, alternative energy and international business.

In addition, "those with the ability to speak multiple languages and those with intimate knowledge of cultures and customs found in burgeoning foreign markets can write their own ticket," he said.

Multilingual speakers also are needed by U.S. organizations "as a growing portion of customers, business partners and/or suppliers speak languages other than English," Challenger said.