The New York Times reports on how the next big blow to our economy will be the fact that although everyone is using credit cards to buy everything they don't have the funds available to pay off their balances. As more and more Americans default on their bills, credit card companies are scaling back, which contributes even more to our wilting economy.
Looks for even more tightening in the way of reduced reward programs, tighter application guidelines, reduction of credit limits, higher APR's, higher penalty fees, and fewer bonuses and special offers.
http://www.nytimes.com/2008/10/29/business/29credit.html?_r=2&pagewanted=1&hp