Time Share Your Way Into Debt

by Ward Willison - Date: 2007-01-22 - Word Count: 556 Share This!

Cancun, do you want to live here for a couple weeks a year? Hey if you want to learn how come attend a quick information session and we will give you two tickets to a great show at the resort.

Have you heard something like this before? It is a pitch for a time-share my friends got in Mexico. The funny thing is I know people that sell time-shares in that area. Do you want to know the inside story on them? Well lets just say, they make a lot of money, I mean a lot. The kind of money millionaires make.

How is that possible, when you heard the sales pitch it was a great deal. There can not have been enough room in that price to pay a big commission. The commission was not big it was HUGE.

I am amazed at dinner parties with 40-60 year olds just how many of them actually have time-shares. I sometimes ask how they like them and of course they have not used it in years. Or for the ones that do use it, their first comment is not how great it is but that they got it a long time ago and it was cheap. No, no it was not. It would have been crazy overpriced then as they are now.

There is a time-share near me in a little resort town. They will let you stay for three nights in the hotel, meals, and $100 gift certificate all for "free" if you listen to their 3-hour presentation. They have been doing this for 10+ years in this resort. Do you think they are losing money on this deal and they just have not figured it out yet? No way, they are making a killing.

I attended my one and only timeshare presentation at Kissimmee, Florida, AKA Disney World. It was for two $50 tickets to get into Disney. We toured all these townhouse like buildings and then entered a huge room filled with about 500 people. Every few minutes someone would stand and shout "welcome our newest members" and everyone would clap. I guess they bought in.

I heard out the salesperson, did the math in my head and said no thanks. He called over 'the closer' and he began to tell me how dumb I was. I figured showing him the math would not help so we agreed I was too dumb to own here and we would be on our way, of course with our $50 tickets. I would never do it again for $500 tickets. The atmosphere in that room was amazing for selling. For people that are not great at math his offer looked great until you did some future calculating.

I leave the math to you, just realize all your friends that own them defend that purchase emotionally, never with the cost of it. Think about that. Also you may have noticed on one of your television stations a commercial that runs every day. It is a company that guarantees to sell your time-share before your next payment is due. If they were such a good deal why would anyone be in such a hurry to unload them?

My advice is take the money you would spend on a time-share and you go where you want, when you want and stay there. You will be glad you did.

Related Tags: debt, credit cards, holidays, interest rates, debt elimination, time share

Ward Willison is a self-made millionaire. He raised himself up from living in poverty to being wealthy and debt free. Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.

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