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dpkiss

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Good idea to take out a loan to pay off high interest debt?
Last year, I made a mistake of buying timeshare. Making monthly payments right now, but the interest rate is at 17% (at the time I had poor credit score). Now that I'm raised my score up to 728, would it be a good idea to take out a loan with lower interest and pay that off?

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If you file long form taxes, you may be able to deduct the interest because it's a type of home loan or mortgage loan. I believe tax laws allow  deductions for most interest expenses on a primary home and one other home, such as a timeshare or other vacation home. Maintenance fees are not deductible.  Check into this before refinancing. 

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