Ironically, this actually could be a good thing for the long term as it will hopefully help consumers realize that the old axiom "living within your means" actually means something:
The easy money that led Americans to depend on credit cards to pay their bills is starting to dry up.This would be a good place to start learning this lesson.
After fostering the explosive growth of consumer debt in recent years, financial companies are reducing the credit limits on cards held by millions of Americans, often without warning.
Banks that issue cards like Visa and MasterCard, as well as the American Express Company, are cutting the limits for customers who have run up big debts, live in areas that have been hit hard by the housing crisis or work for themselves in troubled industries.
The reductions come as consumers, squeezed by a slack economy, a weak housing market and rising unemployment, are falling behind on monthly credit card payments in growing numbers.