Writing off loan interest at tax time takes the sting out of debt but it's still paying to use someone else’s money. Pay off the loan and if you still need a deduction that badly, give to charity.
Think about it. $10,000 in home mortgage interest times your taxable rate equals a number. Using 30% as the tax rate, the scenario above means you pay in $10,000 to get $3,000 back. But, you're still out $7,000!
More Debt Management
Think about it. $10,000 in home mortgage interest times your taxable rate equals a number. Using 30% as the tax rate, the scenario above means you pay in $10,000 to get $3,000 back. But, you're still out $7,000!
More Debt Management
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