Millennials are willing to go into debt for their pet


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:

Nearly 1 in 5 pet owners spend more than $1,000 annually on their pet, though it’s worth noting that 24% spend about $300 to $499.

About 59% of pet owners worry about animal-related expenses, and cat owners (66%) are slightly more likely to stress than dog owners (60%).

Approximately 41% of people surveyed paid for emergency expenses with a credit card. Other payment methods include cash (39%), savings (11%), pet insurance (6%) and personal loans (1%).

If a $1,000 pet-related emergency expense were to come up tomorrow, 37% would turn to a credit card, while 28% would use cash, 18% would pay with savings and 13% would take out a personal loan.

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.”

Copyright 2019 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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