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Unless you are borrowing to finance a business expenditure — like a car used in your sole-proprietorship business — you can generally forget about any tax breaks. This is why it's often advisable to take out a home-equity loan and use the money to pay off credit card balances and car loans. You may be able to convert high nondeductible interest charges into relatively low interest charges that are fully deductible. If so, this procedure is an excellent debt management approach.