Personal finance guru Dave Ramsey isn't known for pulling punches, and he certainly didn't hold back when discussing timeshares on a recent episode of "The Ramsey Show." His verdict? The entire industry is basically "legalized fraud" that targets vulnerable buyers with high-pressure tactics and buried fees.

Ramsey threw his weight behind the Timeshare Pricing Transparency Act, a bipartisan bill introduced December 17 by Senators John Curtis (R-UT) and Adam Schiff (D-CA). The legislation would fundamentally reshape how timeshares are sold by requiring full upfront disclosure of all fees, clearer exit options, and most importantly, a 14-day penalty-free cancellation period.

"85% of all timeshare buyers regret their purchase, yet cannot cancel it due to a short rescission window," Ramsey said. That's a staggering statistic when you think about it. Imagine if 85% of people who bought cars or houses immediately regretted it. We'd probably rethink how those industries operate too.

Senator Curtis explained on Ramsey's show December 18 that he decided to act after a friend challenged him directly. "Over time, I've heard from so many people and it kind of came to a head when a good friend reached out to me and said, 'Look, you're in the Senate. Why don't you do something about this?'" Curtis recalled. "And you know what? He's right."

Ramsey painted a vivid picture of the typical timeshare sales process. "The whole thing has been screwing primarily the elderly, but also those of you that are silly enough to walk in there for a 'free vacation,'" he said. "And then they lock you in a hot box for five hours until you agree to sign."

The proposed bill would change the game by requiring timeshare companies to provide a single document listing all acquisition and maintenance costs, explain which fees can increase and how, and give buyers actual time to review everything before committing. Seems reasonable, right?

Here's where it gets interesting. Ramsey believes that if consumers actually had time to think and access to clear information, most would run for the hills. "A 14-day penalty-free cancellation period will cut their sales by 70%," he predicted. "You'll probably put them out of business." Curtis didn't disagree, responding that "if any business is dependent on getting people to do something they don't want to do, then they perhaps should go out of business."

Ramsey also highlighted another fundamental problem with timeshares: they have virtually zero resale value. "There's no way to sell the stupid thing because nobody wants to buy them," he said. "There's hundreds and hundreds and hundreds of them for sale on eBay for a dollar." When something trades for a buck on eBay, that's generally not a sign of robust market demand.

Curtis urged people to contact their senators and push for support. "This battle is pretty lonely," he admitted. "We need senators engaged and we need people to call their senators and say, 'Look, I've had one of these bad experiences. Please support this bill.'"

Ramsey wrapped up with his trademark bluntness. "Just stay away from them," he said. "Snakes bite. Don't pick up snakes. Why is this hard?"