Interest rates

Credit Card rate jumping by 9%

I handle all our finances, including credit card payments each month, and yesterday, we got a notice on a joint credit card that the interest will be going from 22.9% to 32.9% in April. They gave us the option of closing the account to keep the current terms. We are close to maxed out on the account. This extra interest will amount to $610 a year, or about $50 more per month. We are overextended on our credit cards and other credit, but we have no adverse accounts on the credit report, all accounts are paid properly. The credit rating is not the best, but it is currently 630. Questions: Is it better to close the account and keep the current terms, or keep it open and pay more, but focus on paying extra to get the balance down faster? What would it do to our credit rating to close…