First you have the option to Opt Out of the card, if you contact the company before the new rate takes effect.  This basically closes the account for all actions other than payment. 

If you have enough cash, a second option is to pay off the balance.

A third option is to transfer balances.  While it was not uncommon as late as six months ago to have your mail box stuffed with transfer offers, things are tighter now.  If however, you have a card with sufficient balance and a rate lower than the default rate, you may want to consider transferring the balnce. 

Call the credit card you want to use and get an assurance that the transfer rate is not going to change.  Also ask if there is a transfer fee as those often times are greater than the default rate savings.

Lastly is to get out of the game all together and get a debt consolidation loan.  This is a fixed loan for a fixed amount of time that is designed to pay off all or most of your credit card debt.  Typically the cost of this loan is less than your credit cards because it will have a lower interest rate and is taken over a period of time rather than a revolving line.

Fair warning.  There are many firms offering "consolidation loans".  Be careful who you do business with.

We have our favorite and our review can be found here.

So how is it these banks that are taking billions in tax money as a bailout can change the rules of the game any time they please? There ought to be a law against it.

Guess what. There is. There is credit card reform legislation slated to take affect in 2010. Contact your Representative now and demand that the bill be in effect retroactively to January 2009. For details go to

http://www.moneysavingcreditcardsecrets.com/contact-united-states-congress.htm