There is a reason why so many people are lured towards timeshares. On the surface, many of the offers given by timeshare developers may seem appealing, especially if you like to travel or want to travel more. Some of them are sold as good investments. Others just seem like good deals at the moment and on average, according to Redweek, the price of a new timeshare is $20,040. This is a lot less expensive than buying a vacation home, right?
Over time, however, the cost of a timeshare begins to add up. This is in part because of the cost of maintenance fees, which accumulate over time and can even rise from year to year. Additionally, many people don’t use their timeshares as often as they thought they would, which takes away from their value. So why don’t people just get out of their timeshares? Well, that’s because they often have what is essentially debt loaded into their timeshare contracts and if you aren’t careful, exiting your timeshare could negatively impact your credit. But it doesn’t have to.
How Can I Avoid Ruining My Credit When Exiting My Timeshare?
Firstly, you can consider checking into the options that your resort offers. Some timeshare developers offer exit programs. This could involve selling back your timeshare to the developer. Additionally, you could consider selling your timeshare to another party. There is a timeshare resale market, with many people looking to buy timeshares from timeshare owners. But neither of these options is foolproof. It can take quite a while to understand all of the specifics surrounding your timeshare, and of course, you’ll want to make sure that you’re handling the process correctly.
There are also timeshare exit companies and attorneys that specialize in timeshare exits. Not all timeshare contracts will necessarily stand up against the work of a great attorney or timeshare exit program. But as many will advise, you’ll need to keep up with your payments and maintenance fees while you do this. This will help you avoid damage to your credit. As much as you may not enjoy paying against your timeshare while you’re trying to get out of it, you’ll need to keep track of your payments.
Don’t assume that you must stick with your timeshare. Reach out to a timeshare exit and support services, you may be surprised by the options available.