Putting further pressure on efforts to re-ignite consumer spending, 42 percent of consumers had their credit card limits lowered or accounts closed in the six months ended Oct. 31, according to a recent nationwide survey.

In addition, 51 percent of consumers said their interest rate had been increased, according to the survey, taken by CreditKarma.com.

Consumer spending makes up 75 percent of GDP and much spending in the past several years has come through the expansion of credit. Limits to credit will tamp down any chance to grow that portion of the economy.