US credit-card companies may cut up to $2 trillion in credit lines over the next year and a half, Reuters reports. As defaults rise, the credit industry is looking for ways to shield themselves from the damage, and lowering credit limits is one way to do that. Interest rates are also likely to go up.

If you have a credit card, keep an eye on your limit. Particularly because of the limited credit history of college students, don’t be surprised if you suddenly have your line cut and your interest rate jump. Yuck.

Photo courtesy of Flickr user Andres Rueda. Used under a Creative Commons license.