GE Money Bank Reduced my credit line El Paso Texas

I have noticed that GE Money Bank has been doing this to cardholders across all of their brands. People with WalMart, Home Depot, Paypal and pretty much any other label that GE provides credit to has seen a decreased limit.

I can argue this both ways. I understand that people are upset to see their credit limits lowered. I can also see Ge's stance on minimizing their risks during this economy. I wouldn't quite classify this as a ripoff, just an unfortunate turn of events.

My credit limit was also reduced but I never received a letter stating they were going to do it. My credit limit is now $1.00 more than my balance. I called and was told they are cutting everyones credit limit and there's nothing I can do. I can't believe they can get away with this, what if we were on vacation and tried to use the card. I read the user agreement page and it states they would notify the user within 30 daysif any significant changes were going to be made they did NOT notify me at all. Is there anything that can be done or do they just get away with it. I realize the economy is in bad shape but I don't feel like I should have been blindsided this way. Does this affect my credit rating?