Shoebox Financial Solutions

What's the best way to borrow to make consumer purchases?
Home equity loans used to be a popular option for many homeowners due to their tax-deductible interest. However, for tax years 2018 through 2025, interest on home equity loans is only deductible when the loan is used to buy, build or substantially improve the taxpayer's home that secures the loan. This means that if you take out a home equity loan for consumer purchases like a car or credit card debt, the interest is no longer tax-deductible. As a result, it's important to consider other borrowing options for consumer purchases.