It’s a problem facing an increasing number of timeshare owners, they purchased a timeshare on credit and something changed in their life which prevents them from using their ownership as they expected. Unfortunately, prices on the resale market are rarely strong enough to cover an outstanding loan so owners are left with few choices. Remember, if the situation is dire and you can’t cover all your bills it’s important to reach out to the resort and see if they will help, many resort offer hardship deferments for exactly this reason.
If your financial situation isn’t dire, you’ll likely need to pay off the loan to protect your credit. If this is the case then you should consider refinancing. Lowering the interest rate on your loan can save hundreds if not thousands in interest expenses over the life of your loan and the reduced monthly payment will be easier on your budget. Lightstream is a company that specializes in consumer lending and offers timeshare refinancing, check out their timeshare refinancing page by clicking the link below to see their current rates.