If you frequently spend your vacations in resorts and tourist towns, chances are that you have been “lured” into purchasing a timeshare. Maybe you have been invited to a presentation where you found out about the benefits of owning a timeshare. Or possibly it has left you questioning, how do I sell my timeshare legally?
If you gave in and signed a contract, you may find out soon enough that it was probably not the best idea. And the worst part is that you probably also signed papers to finance your timeshare.
If you’re feeling the pain of that mortgage (and its sky-high interest rates), here are a few steps you can take to lessen the financial burden.
Call Your Bank
Talk with a loan specialist about refinancing options the bank can offer. It will likely be more advantageous than paying huge interest rates of the original financing.
Look for Online Lenders
If a bank loan is not an option for you, you can find many lender options online. Compare the offers you receive and see which one has the best interest rates and terms. Online loans are typically processed very quickly, so you can get rid of the original financing faster.
Transferring the Balance to a Credit Card
Financing a timeshare on a credit card may sound extreme, but many credit cards offer lower rates than the original lender.