This is understandable, as the creditors have been burned by customers defaulting on loans and credit accounts. Although, it might seem unfair to some who end up with a lower credit limit, despite their perfect credit history.

Some companies are casting the wide net across their customers and reducing most limits to some extent. Others are being more selective.

While this might seem painful to some cardholders in the short-term, tighter limits on credit will lead to a stronger economy in the long-term.

Be aware that credit cards with rebates, cash back, travel awards, or other perks may carry higher rates or fees. Just as with any agreement, read the fine print!