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Time share causes financial woes

Jun 15, 2009 | | Comments Comments Off

Dear Liz: My husband signed up for a time share when we were on vacation, just months before we bought our first home. Now one year later, with a baby on the way, this time share is taking $189 a month out of our pockets plus $2,828 a year for maintenance fees.

This is dragging us down financially, and no one can tell us how to get rid of it! Please, please tell me how.

Answer: You can try to sell your time share, but typically there are far more desperate sellers than there are buyers for these “opportunities.”

At best, you’ll reap only a fraction of what you originally paid, and you may have to in essence give away the time share to anyone willing to pay the maintenance fees.

You’ll still need to pay off the loan you used to buy the time share, or you’ll risk damage to your credit.

You can learn more about selling time shares from the Timeshare Users Group.

If you haven’t already done so, it’s time to have a chat with your spouse about impulse purchases. Many happily married couples learn to discuss all purchases above a certain dollar amount, such as $100. They certainly don’t enter into long-term commitments without advance discussion and the agreement of both partners.

Because your husband is clearly vulnerable to a good sales pitch, you also might want to talk about not entering any high-risk zones — such as an auto dealership or a seminar at an airport hotel — unless you’re both present.

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Categories : Couples & Money, Q&A