The Federal Reserve is contemplating new rules for issuing credit cards, which could put at risk instant store credit cards and seriously cram the style of large retailing chains like Macy’s, Saks, Talbots, Best Buy, and others.

As an increasing number of consumers struggle with credit card debt, many are choosing to walk away from their debt altogether. According to the latest report from Moody’s Investors Service, credit card defaults continued their upward climb in August of 2009 after leveling off slightly in July.

If you are enrolled in a frequent flier or have been accumulating miles on an airline rewards credit card, you may have already noticed that while it’s easy to collect big mileage bonuses, cashing them in is a whole other story. Firstly, finding an available seat when you go to book your free ticket may not be that easy.