Making Credit Card Interest Deductible On Personal Tax Returns
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| Also listed in: Americans For Deductible Credit Card Interest Expenses |
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Tags: Clinton, credit, credit cards, credit crisis, economy, Hillary Clinton, interest, Obama, reform, Taxes
Tags: Clinton, credit, credit cards, credit crisis, economy, Hillary Clinton, interest, Obama, reform, Taxes
It's about time the Democrats really help the average American by changing the tax laws so that credit card interest is a deductible expense on individual tax returns, such as mortgage interest.
With the recent taxpayer funded bailout of $35 billion to Bear Stearns Bank, it's the least the Democrats and the rest of our government leaders could do for the average American is making this outrageous interest on credit cards deducitble for individuals.
While both are to blame (consumers and lenders) for the easy credit they extended, the ones appearing to benefit are the creditors and not the consumers.
The creditors can charge upwards of 30% interest on credit cards. These creditors stand on campus while 18 year old freshmen are wondering around with little to no money in their pockets. They give them a t-shirt and a credit card with a small $500 limit. By the time the average student graduates they will have over $20,000 of credit extended to them, in addition to the student loans.
Think about it. Would you lend someone who made $1,000 a year $10,000? If you did, and they did not pay, you would be a fool. However, creditors do the exact same thing and then it takes the average person, especially college graduates, forever to pay off these debts.
But the problem is deeper than just giving credit to easy prey. It starts with education. Schools teach students English, Math, Science, History, Social Studies, even Home Economics, in some cases, but they fail to teach Basic Finance. Something that we all use every single day.
We need to start making this a part of the curriculum for every single student at a young age (elementary school), so we may educate our youth and future about the dangers of credit cards. Moreso, we need to take a stance against creditors who lend credit to those who should not have it.
What is done is done, however, our Democratic Leaders, should be working for the people in making this a top priority (demanding we allow credit card interest as a deduction on personal tax returns). This would allow for the consumer who was put into debt to climb out of it faster and to be able to spend their money and save their money on the American Dream items we have been told if we work hard enough for we will get: a home, financial security and everything else that comes with working towards the American Dream.
Please write your Senators, Congressmen and Congresswomen and demand they start to take this issue seriously and it's an issue the Democratic platform must address for the future of our country.
With the recent taxpayer funded bailout of $35 billion to Bear Stearns Bank, it's the least the Democrats and the rest of our government leaders could do for the average American is making this outrageous interest on credit cards deducitble for individuals.
While both are to blame (consumers and lenders) for the easy credit they extended, the ones appearing to benefit are the creditors and not the consumers.
The creditors can charge upwards of 30% interest on credit cards. These creditors stand on campus while 18 year old freshmen are wondering around with little to no money in their pockets. They give them a t-shirt and a credit card with a small $500 limit. By the time the average student graduates they will have over $20,000 of credit extended to them, in addition to the student loans.
Think about it. Would you lend someone who made $1,000 a year $10,000? If you did, and they did not pay, you would be a fool. However, creditors do the exact same thing and then it takes the average person, especially college graduates, forever to pay off these debts.
But the problem is deeper than just giving credit to easy prey. It starts with education. Schools teach students English, Math, Science, History, Social Studies, even Home Economics, in some cases, but they fail to teach Basic Finance. Something that we all use every single day.
We need to start making this a part of the curriculum for every single student at a young age (elementary school), so we may educate our youth and future about the dangers of credit cards. Moreso, we need to take a stance against creditors who lend credit to those who should not have it.
What is done is done, however, our Democratic Leaders, should be working for the people in making this a top priority (demanding we allow credit card interest as a deduction on personal tax returns). This would allow for the consumer who was put into debt to climb out of it faster and to be able to spend their money and save their money on the American Dream items we have been told if we work hard enough for we will get: a home, financial security and everything else that comes with working towards the American Dream.
Please write your Senators, Congressmen and Congresswomen and demand they start to take this issue seriously and it's an issue the Democratic platform must address for the future of our country.
There should be a law against interest rates that exceed the total value of the loan.
and while we are at it, let's put those anti-trust laws, still on the books, back into play.
I type so slow, I didn't notice you already addressing it.
Wouldn't it be helpful if people actually read he blogs before they commented? lol
Yes, it would definately be helpful to be able to write off the interest on CC's----but that will not solve the problem and in my opinion, only increase our propensity for going into ridiculous debt and buying what we cannot afford because we can "write it off"
Hopefully, when we have full control of our government the true solution will be addressed.
Please do some research on usery laws and how the interest rates being charged are illegal.
There should also NOT be an interest rate deduction for real estate...