Also known as the "Card Act," the new law went into effect the following February. Nearly a decade later, a recent survey showed less than half of Americans knew about it. You should be aware of what this law means and how it affects borrowing.
Your filing status and the tax rates that apply to your specific annual income will determine what bracket you fall into. The amount used to figure your taxes will be whatever income you have left after you have accounted any deductions you might be able to claim.
