Immediate Reform Necessary For $10 Billion Timeshare Business

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When looking to get a peek into the issues plaguing the timeshare industry, you can find all that you need to know by looking at the Sunshine State. According to Karen Henderson, a resident of Florida, it is easy to be stuck in the nightmare that is timeshare ownership. Years ago, Karen was sold a contract for a timeshare from a developer. The vacation “points” that were listed in the extremely long contract seemed to guarantee that she would never be stuck paying maintenance fees for her timeshare.

She was promised this because she agreed to enroll in the developer’s buyback program. Soon after accepting the terms to the timeshare agreement, the meetings for owners began transitioning from how to have better vacations to ways for people to offset their mortgages. The meetings often became very sales-oriented. The leaders were pressuring her to invest in points that would help to offset her original contract.

Henderson went on to say that she felt like she was getting sucked into an endless cycle of contracts to earn more points. The main reason she invested in a timeshare in the first place was to avoid maintenance fees and timeshare mortgages. In addition to the pressured meetings, she felt the customer service was deceptive with her. She would even go as far as to say they were fraudulent.

Not Alone

In a little time, Henderson found out that she was far from alone in her timeshare troubles. Countless others were feeling the same financial and emotional burdens she was. Unwanted timeshares are becoming too common, especially for people who purchased in Florida. Unfortunately, Florida is commonly referred to as the capital of timeshares.

Normally, when consumers buy new homes, they have support from lawyers, lenders, realtors or home inspectors. When it comes to timeshare developers, consumers are often isolated from any type of professional advice. They are never given time to think about the complex and long-lasting commitment they are about to make financially. The developers are often doing all they can to target potential timeshare purchasers and take advantage of them.

The timeshare industry is huge, and it has brought more than $10 billion in revenue last year alone. The costs of ownership are often expensive and can cost the average owner over $21,000. They find themselves having to pay for rising maintenance costs that can amount to more than $1,000 each year.

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