The global economic recession has caused many timeshare owners to seek relief for their timeshare liabilities. Even multi-million real estate companies are currently experiencing severe problems with the recent downturn of the timeshare industry. Some of these colossal timeshare developers such as Marriot International have declared plans to halt current and future timeshare expansion projects. A lot of smaller timeshare companies have closed up shop or are under probation due to the effects of the present macroeconomic atmosphere.

Wyndham Hotels and Resorts laid off 4,000 employees in order to stave the effects of the ongoing global economic slump. That’s 4,000 jobs lost and an additional 4,000 people to the US unemployed pool. A representative of Wyndham averred that one of the main reasons for laying off thousands of jobs was the degrading condition of the timeshare market. Furthermore, those availing of the timeshare vacation packages of Wyndham paid only half the original acquisition price as the other half was funded by Wyndham as a type of loan. Wyndham in turn borrowed from any of the numerous financial institutions, banks, and insurance companies in the market to compensate for the loan.

The case of Wyndham is also the same for many timeshare companies. Some timeshare owners inadvertently pay interest fees for loans contracted by the timeshare company. Thus, owners are paying mortgages on top of costly charges for upkeep and assessments. Timeshare contracts are long-term contracts, hence owners are shackled with costly fees for a long period time and could be better off by getting rid of their timeshares.