What is the best way to borrow for consumer purchases?
A. We at W. Bruce Goldsmith, CPA generally discourage borrowing for consumer purchases unless absolutely necessary. However, we recognize that often there is no alternative. When it is necessary to borrow for large consumer purchases, we recommend a home equity loan. Interest on home equity loans are tax deductible, while interest on consumer loans, such as car loans and credit cards, are not tax deductible.
A. We at Bloch, Rothman & Assoc. Ltd. generally discourage borrowing for consumer purchases unless absolutely necessary. However, we recognize that often there is no alternative. When it is necessary to borrow for large consumer purchases, we recommend a home equity loan. Interest on home equity loans is tax deductible, while interest on consumer loans, such as car loans and credit cards, is not tax deductible.
We at JD’s Tax & Financial Solutions Corporation generally discourage borrowing for consumer purchases unless absolutely necessary. However, we recognize that often there is no alternative. When it is necessary to borrow for large consumer purchases, we recommend a home equity loan. Interest on home equity loans are tax deductible, while interest on consumer loans, such as car loans and credit cards, are not tax deductible.
