Forget the national debt. Pet debt has arrived in the U.S., says a new survey, which finds that 47% of U.S. pet owners have “been in debt for their pet.”
This is no small amount: One-in-five pet owners have been in pet debt for $1,000 and more, according to the Lending Tree survey.
Almost two-thirds — 62% — said that they were surprised by how much owning a pet actually costs. Yet 98% spend on their pet “every single month,” and 80% say the cost is worth it. Another 34% say their pet-related spending has increased during the coronavirus pandemic.
“Owning a cat isn’t less expensive than owning a dog: Cat owners experience the same financial strain as dog owners,” the analysis said.
“Baby boomers are far less likely than younger generations to go into debt for their pets — just under a quarter of pet owners of this generation have done so. In contrast, two-thirds of Gen Xers and about half of the millennials who own pets have taken out pet-related debt,” the analysis continued.
The survey of 1,378 U.S. pet owners was conducted by online loan resource Lending Tree throughout the month of September. The survey was released Thursday.
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