Timeshare travel in America has always leaned heavily on political advantages when it comes to growth. For years now, we’ve been covering the effects of lobbyists on lawmakers and how the industry has essentially taken over major vacation destinations across the country…
Every year, (well, except 2020), tens of millions of Americans travel the country to escape the repetitive reality of their everyday lives. During these vacations, many become intrigued by timeshare opportunities that appear to offer annual trips at discounted rates.
Taking out a personal loan for a vacation ownership usually seems like a good idea after speaking to timeshare salespeople. Misleading promises during the presentation convince many that they’ve stumbled across a deal of a lifetime. Because of this, thousands of buyers borrow money in order to purchase somewhat of a mirage.
When it comes to most major purchases, borrowing money is a common way to get what you want. The ability to easily do so in today’s culture is the main reason why so many people are in debt. Things that used to be out of reach can be had for “affordable” monthly payments.
Although most fractional owners won’t experience penalties for delinquency, all are subject to pay annual taxes on the timeshare property. Just like personal residences, local governments levy property taxes on timeshares. The tax rate for each property varies, depending on the assessed value of the timeshare.
