Survey: 1 in 10 boomers borrowing for everyday expenses

NEW YORK (AP) — The economic downturn is hitting roughly one in 10 middle-aged and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey released Tuesday by the AARP.

The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities, and six in 10 said they had cut back on eating out and entertainment.

James Dyas, 75, of Sherman, Conn., said he and his wife go to their favorite Mexican restaurant about half as frequently as they used to. “About all the money we have goes to buying gasoline,” he said.

While the survey doesn’t show large numbers of people making radical changes - taking second jobs or moving to a smaller home - it did find that more than one-quarter of those surveyed are having trouble paying their mortgage or rent.