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As debts rise seniors may consider visiting consumer credit counseling service
12/09/2009
The recession has affected everyone in some way, though some of the people hardest hit are seniors on fixed incomes, which could lead some to consider getting consumer credit counseling.
According to a survey from Golden Gateway Financial, about 30 percent of respondents who are 62 or older said they have sold some of their possessions in order to help make ends meet. Furthermore, 27 percent said they have not been able to pay off bills associated with unexpected medical expenses.
"It's obvious that older Americans and those on fixed incomes are having the hardest time recovering from the recession," Eric Bachman, founder and CEO of the financial company, said.
As people get older, medical expenses may become more of an issue. A recent report from consumer advocacy group Demos noted that older Americans have the highest average credit card debt tied to paying for medically-related costs. Some of those include visits to the doctor and paying for medications.
A number of those responding to the Golden Gateway Financial survey said they received some help paying for bills from family members. However, that is not always an option, and older Americans may consider visiting a consumer credit counseling service, which can help them establish a budget to deal with their debts.
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