With the recent economy and the rise in unemployment, credit card issuers are now facing a heretofore never experienced decline in profits. The era of wild spending dependent upon borrowing money from the plastic cards is over and we are now ushering in an era of temperance, thrift and prudence in regards to our financial health.
Add to that the fact that the fact that the Credit Card Accountability Responsibility and Disclosure Act of 2009, (the most encompassing law relating to the regulation of credit card practices ever passed up to this date) goes into effect in February 2010 and the credit cards issuers are now seeing the lowest profits in their history.
Great news for the consumer, not so great for the credit card companies. See