Amex killed my credit limit/score...

[Tonysax]

I got an Email  from Amex stating my credit limit has went from $10k to $1,600. I have a current balance of $1,500. Never been late. Well it increases debt ratio and lowers credit score. If you have an Amex, educate yourself. I Google'd the practice and alot of folks are getting being hit. And I thought some of the folks here were just painting a doomy picture. Time for me to sock cash away in the mattress and maybe obtain a firearms ID. I never thought times would become so grim. BUT, my bike is paid off at least.

[f6john]

For me credit cards are a necessary evil. I could live without them but some aspects of my way of doing things would become more difficult. But the banking industry has taken a good, profitable idea and turned it into a way to rape and pillage at will. And the government agencies that oversee the banks just smile and wink and nod. Wonder what Obama will do to save us all from this obvious (un) armed robbery??? 

[Kidd]

same here , wells fartgo  decreased mine down to $4,750    from   $10K

my neighbor got the same generic letter saying   I had too many inquires  , i checked  with myfico.com and I had 6 inquires in 1 year , my credit  report is PERFECT , never   ever late one time  and I have 3 mortgages , 4  vehicles   and several credit cards and so on.
They are worried   because it's contagious , filing bankruptcies , foreclosures .
I read today , 3 million foreclosures   in past 3 or so years , that's huge .

my   hone , the one I live in , the mortgage is $2700 a month   on a
$400K home  that I bought in 2006 , the value has dropped by 50% .
Not one of them "arm" loans , I knew  better , fixed rate , still at my age 53 , it may never come back to $400K  during  my working years .
should I walk away  ?
should I stay here and pay on a home   , well , you get the picture .

the thing is , my neighbor has offered  to sell his home to me  and he'll carry the paper , no bank involvement ,  for $100K dollars .

what to do , what to do ?