Experts have warned that we could be heading for a recession as the credit card market, especially in the United States, begins to feel the effects of consumers tightening their belts.

Curtis Arnold, founder of CardRatings.com in Little Rock, Arkansas described the situation dismally, saying: "It is a bleak picture out there. Consumers are definitely feeling the pinch and delinquency rates are ticking up. I think the worst is still ahead of us."

Chief Executive Kenneth Chenault agreed wholheartedly, adding: "The credit situation in the U.S. is disappointing, with even very affluent people who have had historically very, very strong spending history with us cutting back.”

Analyst Andrew Boord joined in, saying: “American Express is like a surfer riding on the economy: they can control where they go, but only to a limited degree. The same folks who bought more houses than they should have, or a lot of people who are driving SUVs with a huge gas bill. It's not just the super-wealthy.”

"The rate at which delinquent customers advance to write- offs has increased," Chief Financial Officer Gary Crittenden said last week. "This is especially true in certain geographic areas where the impact of events in the housing market has been greatest."

"Folks in the boom and bust markets certainly are having a tougher time," Capital One Chief Executive Richard Fairbank said last week. "We haven't seen any relief of that effect." Arnold said relief is not likely to be seen from either side in the near future.

"For a lot of consumers, when credit gets tight, they turn more and more to credit cards, even to buy necessities such as food and gas, the things they need day to day," he said. "If we get some relief at the pump or in food prices, that will help, but so much of that is up in the air right now."