The Associated Press has this story posted at MSNBC: Cardholders hit twice as credit limits lowered.

A snippet:

Such moves come as consumers are increasingly using their credit cards as a source of liquidity, especially since it’s becoming harder to tap their home equity as much to pay for everything from renovations to vacations to trips to the mall. As the housing and mortgage markets have collapsed, lenders have also reduced the limits on what are known as home equity lines of credit, or HELOCs. …

But as credit cards are used more frequently, that often results in bigger balances left on the cards. What’s worrisome is that consumers who are faced with a number of ugly economic scenarios hitting at once — falling home prices, surging commodities costs and a weak job outlook — won’t be able to pay their bills.

As the story explains, one of the “big picture” details is how this will affect your credit score.

Update: the AP story is also on page 3A of June 29 print and e-editions of The Monroe Evening News.