OP here, I just wanted to provide an update since my post in Feb 2018. After reviewing the feedback and comments from the TS/TUG veterans here, we've decided it was not worth the credit hit and we decided to pay it off with our credit card, earning some Chase Ultimate Reward points along they way (might as well get something out of this), and then take a small Sofi personal loan with significantly lower interest). Welk had us at 16% interest, and I moved it off to a 7% interest Sofi loan instead (still not ideal, but it was the better option for us at the time). We're still learning how to maximize the value out of this timeshare and we've been able to use it a few times (Welk San Diego, RCI timeshare in Orlando, using Experiences by Welk to book car rentals at a cheaper rate) and would have used it another time this year if not for COVID-19 and travel restrictions. I don't know how this might compare to other TS contracts, but we've enjoyed the option to stay at both Welk properties and use the RCI Platinum membership (the free room upgrade via RCI was super sweet deal last year).
I noticed, as with a few other Welk owners who have found this thread in recent years in my situation, I'm sorry to hear you are/were in the same boat, but hopefully, you're able to find value in the Welk timeshare offerings. Are we going to "get our money" back? No, and I've accepted this; but I am switching my mindset to seek maximum value from my "investment". I don't want to travel and use this timeshare like I'm a victim of something. Sure, I may have made a rushed decision, but no one put a gun to my head to sign the paper and I had every opportunity to walk away from it, but didn't. As another person here mentions, owning a timeshare isn't going to be like an investment property. If anything, it's a luxury and that's how we're treating it. We've stayed at some nicer places and now with a small family, this may be helpful as our family grows and gets older. We were not parents when we bought the timeshare, but now with a kid, and traveling with one in past few years, I now realize how valueable some of the kid-friendly accommodations are at some resorts/timeshares.
It's a long post, but hopefully, my experience may help others as well feel less bitter about their Welk TS. In life, we all make mistakes, but the key thing is to learn from them and make the most of every situation.
