I have $20,000 of credit card debt and I own a timeshare that I can use every other year. I am interested in looking for a path to be debt free and possibly sell my timeshare. I don’t know where to start, and I have heard that timeshares are difficult to sell. I have been researching my options, and I found a company called GreenPath Debt Solutions. I am interested in taking positive action to resolve my debts.
What are your recommendations for the most effective way for me to pay off my $20,000 of credit card debt and look into selling my timeshare property?
Based on what you shared it would be tough to give you any recommendation about dealing with your debt since you didn’t say if you were struggling or not.
I would have no doubts that if you enrolled in a debt management plan that GreenPath Debt Solutions would be able to manage your DMP and make the payments.
On the timeshare, sell?
Frankly, you’ll be lucky to give it away. There is such a glut of timeshare “victims” out there the timeshares have little to no value. In fact the maintenance fees are an anchor around the neck of many. Just getting out from under those will be a blessing.
The most likely place to dump the timeshare is to donate it to a nonprofit group. You can find them online. Just don’t use the services of anyone that asks you to pay any money up front.
In dealing with your debt I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.