Timeshare Advice

2boysmum

Don't know wether this is the right place for this but I'm looking for a bit of advice. Last year while on holiday in Florida, we probably foolishly bought a timeshare. It cost $23,000, we put down a deposit and mortgage payments come off our credit card every month, just over £200. Tried to open a bank account in america so we wouldn't be using the credit card but you need a permanent u.s address. When we bought it we were told if we made a few extra payments we would pay it off faster and wouldn't pay as much interest. We used it last month and it was lovely, but OH was thinking as we are trying to get rid of all our debt, maybe we should think about getting rid of this too. Looked out all the stuff to see what we should do and found out that if we keep paying it until the due date then with interest we would have paid $50,000, plus because we are using the credit card we are getting charged interest on that too! Really don't want to pay all that for one week a year! Not much information on the agreements, so do we just stop paying it and give it up? or try to sell it, but don't think that we would get back what we owe so we would probably end up still owing money or do we try and pay it off?