Realizing that you have overpaid on a timeshare which you cannot afford is the first step to escaping it. Many who have been in the same situation came to the unfortunate but correct conclusion that the best action to take is to sell the timeshare.
One reader had a timeshare at 16.9% interest on more than $10,000 borrowed. His advice follows:
My advice for you all is to sell the timeshare immediately!!! Your timeshare is generally worth about 25-30% of what you paid for if you’re lucky. While you are waiting to sell it, get a 0% balance transfer in order to pay off the balance and to stop the high monthly interest. Then, if you are able to sell it, use the money from the sale to pay down part of the debt. Finally, take a second job or work overtime to earn extra money to pay off the rest of the debt.
This is a painful process and I had experienced it. However, once you get through it, you will be able to sleep better at night. Take the loss as an expensive life lesson. Personally, I think the money that I lost from being stupid back then made me become wiser and helped me gain a lot more financially compare to the money that I lost.
0% credit card deals generally last a year, if you won’t be able to pay off the loan by then, consider a HELOC. You’ll be paying interest, but chances are it will be lower than the rate you’re now paying.
