Since October, when the number of monthly mailings topped 900 million, mailings have fallen by 19% as card issuers refocus their marketing strategies.

That 19% makes perfect sense to Greg McBride, senior financial analyst at Bankrate.com. "Overall, in all credit markets, there's been a renewed interest in quality--everyone wants the most qualified borrowers." Subprime mortgages, for example, account for about 20% of the market, and it's likely card-issuers are trying to weed less-qualified borrowers from mailing lists. "Card companies are also trying to pinpoint consumers of the best quality," he says.

"The credit card industry is steadily pulling back and readjusting," reports Mintel. "With the market unstable and people worried about financial risk, companies are rethinking how they use direct marketing to generate business."

The biggest decline in its most recent data was in mail sent to current cardholders, falling 30% from December to January. Direct mail aimed at non-customers gained 7%. "Card issuers are hoping that increased emphasis on acquisition will help them capture new business and steal balances from the competition."

But the decline in mailing certainly doesn't mean that consumers are using plastic any less: A recent Bankrate poll found that 61% of Americans carry non-mortgage debt, and 64% of those who carry debts say that debt is a cause of worry for them. And the Federal Reserve reports that America's revolving debt has now surpassed $1 trillion.

That figure, however, can be a bit misleading, McBride says. Because it includes people who pay off their debts every month, as well as people who might be struggling financially, relying on credit for day-to-day necessities.

"There are plenty of people using cards in places where they weren't formerly accepted--like fast-food restaurants--and anyplace else they can, just because they get rewards and incentives."

In general, he says, between 30% and 40% of credit-card users pay off their balance monthly. Ironically, a recent Bankrate poll found, higher-income families are more likely to carry debt than lower-income households. Some 75% of those earning at least $75,000 carry debt month-to month, compared to 36% of those with annual incomes under $20,000.

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