I wonder how many of the 1.3 million ramen eating six percenters will now try to find work unethically selling timeshares to suckers.
My guess - a lot.
It's amazing how many sheeple get played by timeshare salesmen on commission - my guess is that even a few of you have. Promises of models by the pool, glamorous lifestyles, buy-now-or-be-priced-out-forever, and incredible appreciation. Sound familar?
Well, here's a great article on the Big Timeshare Con. People are now trying to get rid of these debt-traps as fast as they can, only to find out they have ZERO OR EVEN NEGATIVE VALUE. There are no buyers stupid enough to pay even ONE PENNY.
I'm not sure who I feel sorrier for - the fools who bought the timeshares, or the con artists who earn their living screwing fools into buying timeshares. It's sad to see what people do to other people to make a buck. How do they sleep at night? What do they tell their kids?
Timeshare owners see assets turn into liabilities
Buyers on the timeshare resale market are scarce, and experts say sellers are lucky to get 10 percent of the original price. It could be even less: timeshares are routinely offered for sale on auction site eBay starting at 1 cent.
The problem for many buyers like Uhler is they believe timeshare is a slice of real estate, which they hope will increase in value. High-pressure, glitzy sales pitches can add to the confusion.
"We can't sell it even if we find an idiot to buy it," said the substitute school teacher from Northwood, Middlesex, who bought the weeks for a total of about $5,000 seven years ago. "We realize that we've lost our investment."