Credit Card Rate Increases

Just FYI...

I got a letter from Citibank a couple days ago. I've been with them for 19 years with a VERY good payment history. They said they're raising my rate from 5.9% to 19% for no reason.

I can opt out- which means payoff my balance and close my account by my card expiration date OR
I can just deal with the rate hike.

We're gonna close out that account. Just a warning that the credit card companies are coming with this. It's probably a good idea to try to bring balances down as much as possible as quickly as possible to avoid this new loansharking trend. Just wanted to warn y'all!