Tips for credit card changes

NEW YORK (CNN) - Americans are cutting back on their use of credit cards by a record amount according to the Federal Reserve -- and, maybe for good reason. You may have noticed your credit limit slashed or your interest rate shoot up.

And it's happening more frequently. A recent study shows 21% of consumers had an interest rate hike, 17% reported an increase in minimum payment due, and 9% had a decrease in credit limit.

To protect yourself against these practices, make sure you read your mail carefully. Look for words and phrases like: "As of x date, x is changing." "Modifying" is another word to watch, "dates going forward," you know the drill.

Don't close old accounts. It might seem counterintuitive, but closing old accounts can hurt your score.

Look into hardship programs from credit card companies. To qualify you generally have to be delinquent, and you usually have to have a sizable debt, like a minimum balance of $2500 or up.

Call your issuer and ask about these programs -- they're not always advertised. You may get your rate lowered or you may be able to get on a payment plan.

Finally, change your mindset. Don't use your credit cards every month to cover a portion of the family budget.