Yes, this seems to be the MO of many banks in 2009. I posted yesterday about how their actions are hurting our credit scores, making it even harder for us to qualify for future loans and lines of credit.

First of all, have you tried contacting the credit card companies that are lowering your limits? That should be your first step. Explain your situation, and try to get a reason from them why they are targeting your account. My guess is that because your utilization rate was close to 66% on your card, your credit card company is looking for ways to shield itself from potential future risk.

While it seems unfair, you're doing the right thing by paying down your credit card debt. Just keep chipping away at it. Making timely monthly payments is the best thing you can do for your credit score. Utilization rate is secondary. And just think, when you have zero balances on your credit cards your utilization rate is going to look great, even if your limits have been severely reduced.