Here are the big mistakes I hear about most often.
There are reputable online listing sites, such as RedWeek.com or Tug2.com, where you can pay anywhere from $60 to $550 to list your property. Or you may be able to get out of your timeshare contract altogether by hiring Timeshare Exit Team to dissolve your contract.
MONSTER AUTO LOAN
Whether you’ve made payments for a few months or a couple of years, it’s likely the car is worth less than you owe. That complicates matters. Still, you may have options: refinance, possibly at a lower rate, or sell.
If you owe more than the car is worth, you may have to get a loan for the difference so you can transfer the title to a new buyer. But you’ll trade a huge car payment for a smaller payment that you’ll be able to pay off quickly.
Read your contract carefully. Look for a cancellation clause or an exit fee. Compare that to the cost of your monthly fee times the number of months that remain. It may be cheaper to pay the exit fee now and stop the bleeding.
HOME EQUITY LOAN
The damage is done. You’re in it now, and the sooner you can get of the HEL the better. Consider doubling up on the payment, if you can. Keep your eyes on the rates and your home’s market value. You may be able to refinance your current mortgage and the HEL together into a new mortgage with a much lower rate.
The secret to nearly all money mistakes is to quickly face up to the faux pas; fix it; learn the lesson; and then go on — wiser and, hopefully, not poorer for the experience.
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