Melt butterscotch chips and butter in a saucepan over medium-low heat; stir in cracker crumbs and pecans.
Press half of mixture into an ungreased 13"x9" baking pan.
Beat cream cheese in a large bowl until fluffy; stir in condensed milk. Add vanilla and egg; mix well and pour over crumb mixture. Top with remaining crumb mixture.
Bake at 350 degrees for 25 to 30 minutes.
Chill until firm; cut into bars.