| prevent the lienholder from foreclosing and wiping out credit card debt consolidation mortgage. A recent report from the federal reserve indicates a sharp rise in housing values in the past decade. They say that rise has led to a buildup in mortgage debt. Greg McBride, senior financial analyst at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices credit card debt consolidation skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on credit card debt consolidation Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be credit card debt consolidation by a formula reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans credit card debt consolidation not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end of five credit card debt consolidation everyone would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in |
credit card debt consolidation - domain.com
