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Fix The Tax Code Friday: Credit Card Debt

Kelly Phillips ErbDecember 29, 2006May 19, 2020

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
Kelly Phillips Erb is a tax attorney, tax writer, and podcaster.
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One thought on “Fix The Tax Code Friday: Credit Card Debt”

  1. Joseph J. Gleason, Jr. says:
    January 8, 2007 at 2:59 pm

    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.

    Reply

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