Because of the devastating effects of the economy over the last four years, people have wiped out their emergency savings and been forced to use credit cards to pay for unexpected expenses. At the same time, credit card companies raised interest rates to 23% - 25% .
Congress should pass a temporary tax deduction for credit card interest to allow Americans to recoup the cost of merely surviving in this economy. The deduction would be a one time deduction and would allow taxpayers to deduct credit card interest paid in the years 2022 - 2024.