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Dave Ramsey, Financial Expert and personal money management expert, an extremely popular national radio personality, best-selling author, and host of “The Dave Ramsey Show" on Fox Business Network.  

                       Click below for a Short Video:

                Dave Ramsey "You Can't Get Rid Of A Timeshare!"

Ramsey's rules for Timeshare:

1) Timeshares are Worthless and cannot be resold.

2) Don't attend timeshare presentations because you might be tempted to Make a Huge Mistake and Buy.

3) Prizes, overblown and of Little Value.

4) The best way to sell a timeshare is to use the timeshare and while you are there put the timeshare up for sale. If you sell a timeshare, don't expect to get what you paid for the property, as there are plenty of timeshares on EBAY for $1.00.

Blogs from Dave's website:

Question: Jamie's husband grandmother wants to give them her timeshare. Dave lists all the ways ... ALL the ways ... why you can't give the things away.

Dave Ramsey's advice: She's sweet, but she's wrong. Give it to someone else, because it has absolutely no value. There is no market for timeshares. Guess what comes with the timeshare? The annual maintenance fee! So she's giving you a bill. If the bill is $250, all the timeshare organization has to do is raise the fee to $1,000, then where are you? Tell her to give it to someone else.

# Posted by Brenda | 8/13/08 9:12 PM

My parents spent $88,000 over 19 years to get VIP Platinum membership in Fairfield Resorts. They and their 4 daughters have enjoyed these timeshare vacations. However, my mother passed away 3 years ago. I'm trying to learn how to manage all these timeshares. Dad is paying $8000 a year in maintenance fees and these go up every year. Dad is 78 years old. As much as we enjoy these timeshares. None of us have the finances to pay this kind of money each year for the maintenance fees. What will we do when Dad passes away? What should we do? what do we do now?

# Posted by Terri | 1/24/09 10:38 PM

I have a condo that I went in on with 2 other owners, how stupid I was. A former boyfriend and his mother. Well guess what we pay almost $272.00 per month, but I'm the only one paying. I have not used it once and we acquired it in 2006. This was my stupid tax right here. I am not the primary on the loan but am wondering if I quit paying, will it still affect my credit and how can I get rid of it? I can't even claim the interest on it since its in the mom's name, which may be a blessing I guess? Help!

# Posted by Monica | 1/28/09 8:44 PM

I too own a timeshare and can't sell it. Are these programs that charge $799 to sell them a con. They promise to try, but not to sale the thing. I am stuck with it? What can I do?
My maintenance fee went up to $1000 a year and it was $250 a couple of years ago.
HELP!!! I am ready to give it away.

# Posted by RR | 3/16/09 10:39 PM

Dear Dave, my academic advisor told me you might be able to help me with a serious problem dealing with a time share by World Mark by Wyndham which my husband got a couple of years ago. We never used it and decided last summer to get rid of it so I called them and asked them to cancel the membership they refused, sent a cease and desist of further business/cancel the membership letter, ignored. SO I stopped paying them last July or August, they call constantly, sometimes 4 times a day, leave an automated message. Now because this has come to the attention of my husband's squadron commander his top security clearance has been revoked and taken away. If we can't fix this mess and completely get out from under them it could mean my husband's career in the Air Force. They said the only way they will repossess/foreclose the property is if we pay a little over $5,000. If I do not pay they threaten lawsuit, docking my husband's pay, calling him on base, etc.. Lawyers I have talked to say I have no rights and I have to pay them, please what can I do, we have had to borrow the money from family, I don't have a guarantee that if we pay them it will be completely over and done with. Please help me.
Thank you
Sincerely Molly

Myth: I can get a great deal on a timeshare and go for vacation every year! Plus, I can always sell it if I get tired of it.

Truth: Timeshares are one of the biggest scams on the market today. Once you are stuck in one, you are stuck in a black hole.

The first word that should come to your head when you hear the word timeshares should be RUN! Run far, far away! If you run fast enough, you can eventually escape that annoying, high-pressure salesperson!

Think about this for a minute. Why in the world would you pay thousands and thousands of your hard-earned dollars for a place with minimal square-footage that you MIGHT get the chance to visit for one week each year? Add to that the fact that you have absolutely no equity in the place. And you have to pay extra ongoing "maintenance fees." And selling it is near impossible. And it's basically just an expensive, ongoing headache. And, and, AND!

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