Phoenix, AZ (PressExposure) December 26, 2009 -- Being a timeshare owner can be an extremely frustrating experience. Once locked into the contract, ownership is virtually never what is made out be. Each successive year seems to bring additional fees and charges. Using timeshares is easier said than done. Owners are routinely kept from using their weeks because they are told there is no availability.
The expense for many is the most difficult thing to handle. Due to the contracts that are associated with the timeshares, owners are obligated to pay a tremendous amount of expenses related to ownership. What they come to find out is that all of the money paid appears to go straight into a black hole that continues to continually damage their finances.
With interest rates on financing between 12%-18% and mortgages that last 7-12 years, the payments seem to never end. Most owners do not realize until later on that there is no way to hide from the bills. Resorts are ruthless with their collections practices. Damaged credit, lawsuits, and harassment are all too common for owners who are behind on their payments.
It is clear that something needs to be done to help the vast number of owners who are currently paying for something that they neither want nor can afford. Resorts, unfortunately, are unwilling to work with owners. When the resorts refuse to help and the market makes it unable to unload their unit, owners do not know where to turn.