Tax Deductible Interest

Interest payments used to be tax deductible for most consumer loans, including all personal credit card loans. The Tax Reform Act of 1986 not only eliminated all tax shelters, but also did away with any interest payments on personal loans being tax deductible, other than interest paid on home mortgage loans.

Click for the full glossary of credit card terms.

Similar Articles:

Credit Cards

Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!