Trust management is an approach to scalable and flexible access control in decentralized systems. In trust management, a server often needs to evaluate a chain of credentials submitted by a client, which requires the server to perform multiple expensive digital signature verifications. In this paper, we study low-bandwidth Denial-of-Service (DoS) attacks that exploit the existence of trust management systems to deplete server resources. Although DoS threat has been studied for some application-level protocols, e.g. authentication protocols, we show that it is especially destructive for trust management systems: exploiting the delegation feature in trust management languages, an attacker can forge a long credential chain to force a server to consume a large amount of computing resource. Using game theory as an analytic tool, we demonstrate that unprotected trust management servers will easily fall prey to a witty attacker who moves smartly. We report our empirical study of existing trust management systems, which manifests the gravity of this threat. We also propose a defense technique using credential caching, and show that it is effective in the presence of intelligent attackers.