Credit Card Companies Increasing Rates!!!

If you have recently received a note from your credit card company that they are about to raise your credit card rate, you are not alone. Credit card companies are intentionally increasing consumers ahead of the reform bill from congress.

Across the board Interest rates are going up. Credit card holders are seeing their rate rising and as if that is not bad enough credit line limits are also bieng reduced by this same companies.
They don't seem to care about the pain of the card holders: They only care about their gain.
The big question is what do you do when you are faced with these rate increase?
In my case I called my card issuer and to my surprise they said there is nothing they can do about because it is a decision from corporate. They suggested I can close the account if I don't won't the new rate or agree with the new high rate.
It might be your first instinct to close the account, but if your are concern about your credit score this is not a good option. Closing your credit card account (an old one) can drop your credit score about 100 point if not more. You do not have to worry if you pay off your credit card off every month, but if not you might want to try as much as possible to pay the balance off and then hide the card from use. Only use it if and only if you have to use them. They are in for your money be a smart user; use and pay if off every month they can eat their own high interest rate.