I was under the impression they passed legislation to prevent this, I have never been late on any of my credit card payment and have always paid over the min. payment due. Do I have any recourse?
The new laws don't take effect until Feb.
Credit card companies reducing your credit limit is not affected by the new law.
Eventually you will start paying an anuall fee for credit cards. There is an artical on usatoday.com talking about BOA charging people a annual fee )$29 - $99). Citti bank is charging a fee to people that don't charge enough on their card. Others are starting to charge fees as well.
You are over your head in debt. There is no legislation to stop your credit limit from being reduced when you are abusing the credit you already have. Your ratio of debt to credit is too high. All you can do is work on paying your debt down. Making minimum payments or slightly higher will keep you in a revolving cycle of debt for the rest of your life. You should stop trying to live beyond your means with credit.
There is no legislation to prevent this - the new legislation only deals with notification requirements. A credit card lender can always reduce your credit limit or even close the account.