PHOENIX – You love your dogs, but enough to go into debt for them?
A new study by LendingTree, found that about 42 percent of millennial pet owners have been in pet related debt and about 10 percent of those are still paying it off.
The study also found that 36 percent of people have been in debt for a pet. Of the people surveyed, 62 percent factored in their pet for their monthly budget.
Other key findings:
Three-quarters of pet owners lack pet insurance — and 39% have regretted not having a policy for their furry friend. As a group, millennials are more likely to have pet insurance: 34% of millennials have it, versus 18% of Gen Xers and 9% of baby boomers.
Despite the financial strain — and the fact that 36% of pet owners regret paying for the expense that caused their debt — 77% of those who have had pet debt would still consider getting another animal.”