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Older consumers trying deal with debtAccording to a poll taken by Golden Gateway Financial, a number of people who are 62 or older have had to make changes to the way they do things in order to deal with the recession. For example, 17 percent of respondents said that they have had to take out a loan or cut back on expenses in order to stay living where they are. "We continue to hear from those in the midst of foreclosure, or those having difficulty making ends meet every month," Eric Bachman, founder and CEO of Golden Gateway Financial, said. Credit cards also appear to be a factor when it comes to seniors trying to get by, especially when it comes to unanticipated medical expenses. Of those polled, 34 percent said they had surprise medical expenses they had to deal with, and 28 percent of those people said they used a credit card in order to settle that portion of debt. However, difficulties with finances are also causing some older people to avoid medical expenses. For example, 25 percent of those polled said that saving money has caused them to avoid trips to the dentist or eye doctor. Debt management is also causing some to pull back on medications, with 15 percent of respondents saying they have stopped taking medicine or have cut back from the recommended dosage. Medical expenses have been tied to many financial problems, including bankruptcy. According to recent research from Harvard University, 62 percent of bankruptcies filed in 2007 were the result of people not being able to pay off their medical bills.
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