Whenever Lori Woroschuk gets a bill in the mail she pays it and if it's a credit card she says she doesn't just pay it on time.

“I made regular payments and always made above what my minimum payment was,” she said.

So she was shocked when her credit card company lowered her credit limit and did it without warning.

“I had a really good payment history with them,” Woroschuk said.

The same thing can happen to you; in fact it may have already happened without you knowing it.

And it's all legal.

The details are in the fine print that you agreed to when you signed up for the card.

In fact, a study by the Federal Reserve found that 65% of lenders lowered credit card limits in July.

That's up from 30% in April.

“Credit card companies are running scared or lenders are not taking chances anymore,” said Charisma Jones.

Jones is a certified counselor, with Consumer Credit Counseling in Charlotte.

She says in this uncertain economy, banks don't want to give you a blank check that might not be repaid, so they're tightening the reins.

“What I have seen, especially with clients who pay on time and make their minimums and pay as they should and are considered a good customer, they're lowering it just a little over what they have already charged,” Jones said.

"But", she says, they "Can" lower it to "Below" what you've already charged.

When they lower your limit under your balance, it can put you into a situation where you're over the credit limit and they do charge you over the credit limit fees for that.

The reasons why they may do this is, if you make only the minimum payment that tells the bank you're on a tight budget and you're a risk.

If you make the payment late or even just before it's due, they see you as a risk.

And if you keep your balance close to the limit, that too says, you're a risk.

The general rule of thumb is to try to keep your credit card balances at about 50% of the limit or less. If you're using more it kind of shows that you need credit more than you want it.