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Fix The Tax Code Friday: Credit Card Debt

ByKelly Phillips Erb

It’s the post holiday season, which means post credit card season.  A lot of folks would love to deduct the interest on personal credit cards on their own taxes.  Years ago, you could:  personal loan interest was completely deductible.  That was eliminated in the late 1980s.  Today’s Fix the Tax Code Friday question is:

Should the interest on credit cards and personal loans again be made deductible on your personal income taxes?

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Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains taxes, IRS news, financial crime, scams, and the law in plain English.

One Comment

  1. I would vote “nay”. The last thing that taxpayers need is a statutory incentive to spend beyond their means.
    Our members of Congress do a great job with that already.
    BTW—keep up the good work with the site.

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