The credit card debt is an unsecured credit; you did not guarantee it with any kind of asset, which means that your financial obligation is not collateralized by a lien on some types of assets of the debtor in the case of a liquidation or bankruptcy. In other words, if you file for bankruptcy, the bank loses all the money you could have paid them if you either paid them all of the debt on time or just a fragment of the initial debt established through a debt settlement.
In the chaotic recession context, more and more people get lower wages or even loose their jobs. Therefore, the credit card companies have learned to lower their expectations and reduce their funds drastically. Despite receiving governmental stimulus money that prevented many of this kind of companies from total collapse, the financial situation of these credit card companies is not way easier.