correction

9/03/08 My effective annual percentage rate was 5.91%
10/03/08 My effective percentage rate was 5.91%. The fixed APR was 7.99%
Last request was 19.99% with the option to either accept or the account will be closed.
My answer to them was verbatim: "I,......will not accept your APR changes. I will pay my debt in full, on time, as usual. Enclosed is my cut card. Please close my account.
I enjoyed doing business with you but cannot afford higher interest rates".,
I sent my letter certified on 1/13/09.
Received answer to my request on 1/27/09 Verbatim.....Please accept this letter as confirmation that your account will not reflect the changes in terms that you could chose not to accept. We have closed your account at your request and it will remain subject to your current terms, including. if applicable, penalty annual percentage rates (Apr's) and fees. Please refer to your card member agreement and subsequent change in terms notices, which may amend your card member agreement. from time to time, for details of your account terms."
I always thought an agreement was between two parties. How can a bank change agreements from time to time without the approval of the second party involved?
I was compelled to either pay more or lose the account.
I thought we lived in a democratic country in the USA.

Chase Visa

I received a letter from Chase regarding my visa card. I had the interest locked at 7% for the duration of the loan. The letter stated if I did not agree to an increase up to 29% my card would be cancelled.
I replied with a certified letter opting to keep my low interest. My card was cancelled. My credit report lowered my score which will now cause me to pay higher interest in case of need of a loan.
Can this request of change of interest....or else....be considered breach of contract? I am still making my payments but I feel I should have the right to stop paying because they changed the term of my contract for no reason. I was never late and always paid more than the requested minimum.
Do honest citizens have to treated the Gestapo way by our credit card companies and be obliged to pay usury percentages? Is there any law to protect us from the damages caused to our credit and the following consequences of lower credit scores?