AARP says the average family spends more than $7,000 a year caring for an aging parent — about 26% of their income — creating financial hardship for many.

When Scott Thomas realized his parents needed to move to assisted living, he wasn’t prepared for the cost.

"I wanted to do everything I can to help them continue to have the best life possible, but it's a lot more money than you think even if you've saved for it," Thomas said.

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Matt Schulz, chief consumer finance analyst at LendingTree, says Thomas’ experience is common.

"About 60% of people who support their parents say that they've taken on debt, and for a lot of people the numbers aren't that huge, but about 13% say they've taken on $25,000 or more in debt over this situation," Schulz said.

A recent LendingTree

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