Can you write off interest from credit cards?

Is credit card interest tax deductible? Ugh, it so burns me that we can’t write off credit card interest anymore! Like, seriously?! I understand the logic behind deductions for student loans (paying for education, building a future, all that jazz) and mortgages (the American dream and whatnot), but what about the rest of us just trying to keep our heads above water? It feels like a slap in the face that credit card interest – something so many people grapple with, especially with the way prices have been skyrocketing – isn’t deductible. It’s just… unfair, you know? Remember that time I had to put that unexpected car repair on my card? It was like a $2,000 hit, and then the interest on top of that felt like adding insult to injury. It’s not like I was out there buying a yacht or anything! It was a necessity. I read somewhere that — I can’t remember where, maybe some financial blog? — that the rationale is to encourage responsible spending. But what about responsible spending when life throws you a curveball? It just feels like another way the system is rigged against the average person. Don’t you think?

#Creditcards #Interestdeduction #Taxbenefits