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Yes, consider whether the interest that you pay for the credit is deductible when calculating your federal income taxes. Almost all homeowners may still deduct their entire mortgage interest for tax purposes. However, the interest that you pay on credit-card debt, student loans, auto loans, and other debts is no longer deductible.
If you itemize deductions in preparing your taxes, you might consider financing major credit purchases through a home equity loan. This type of loan is discussed in the chapter on owning a home. However, remember that if you use a home equity loan, you are placing your home at risk. And if the items that you are permitted to deduct for tax purposes are less than your standard deduction, you will find that the interest on home equity credit will not help you cut your tax bill.
There is another factor to consider. What if you pay the loan off early? You need to check how the rebate of unearned finance charges will be calculated.