It’s a classical good news-bad news situation. The good news first: Americans are paying down their credit card debt at a record rate. According to the Federal Reserve, revolving consumer credit, a close approximation of credit card debt, decreased at an annualized rate of 11 percent in April 2009. Overall consumer credit, both revolving and non-revolving, dropped by 7.4 percent from March to April, resulting in a total $15.7 billion drop in nationwide credit debt.

Using credit cards instead of travelers’ checks or cash has become a way of life for most modern-day travelers. Credit cards are much more convenient to use when travelling, and safer than cash. Unlike cash, which is gone forever if lost or stolen, if someone makes off with your credit cards, you can always put a hold on your account.

Take a moment and put your ear to the ground. Hear that strange, howling, screeching, screaming sound? That, my dear, is the collective cry of millions of Americans crying “Foul!” as they see credit card limits slashed, interest rates hiked, and even have their credit card account closed by the card issuer.