Cancel cards or accept interest rate increase

I currently have 2 credit cards that have sent me letters stating that they will be raising my APR. They were form letters and not addressed to me personnally, just to "cardholder". This makes me think they are doing this to all because of the economic times. They said in the letter that I have the right to refuse the APR raise but if I do, my account will be closed. Does any one have any thoughts on which may be the better option?


Thanks