Banks are continuing to scale back lines of credit for consumers, undermining their credit scores and personal finances in the process.

About 20 percent of banks have reduced credit limits for prime borrowers, and 60 percent have reduced limits for all others, according to the Wall Street Journal.

"We are taking a more aggressive look at accounts to control risk given the current economic environment," a Bank of America spokeswoman told the newspaper, adding that inactive credit card accounts are being closed along with the reduced lines of credit.

In many cases, these actions are impacting consumers who have never missed a payment or had other credit problems. This is bad news for them because when a consumer's credit debt accounts for a higher percentage of their credit limit, their credit score tends to go down regardless of any other factors. The Journal noted that about 30 percent of one's credit score is determined by the percentage of debt against their credit limit.

For those who have seen credit scores suffer, the best options usually involve simply paying down existing debt as fast as possible, or trying to convince card companies to restore the previous limits.

Consumers can also save themselves money by being careful to avoid extra costs such as credit card late fees and the interest rate upswings that can result. Payday loans and other financial strategies can be one reasonable alternative to paying such costs.

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