Most US pet parents grapple with healthcare expenses
More than 3 out of 10 owners refused treatment for their pets as they couldn’t pay for it, according to a survey.
Research carried out by Credit Summit with 1,200 pet parents concluded that 83% took out loans to pay for pet care expenses.
As much as 31% of American pet parents are turning to predatory lenders to help with pet care, with 21% using a short-term loan and 10% utilizing a title loan.
Most owners used a loan once to cover a pet emergency (37%), while others admitted doing so more regularly; 27% once or twice a year, 14% once every few months, and 5% every month.
More than 50% resorted to aggressive loans to pay for emergency vet care, including urgent surgery, an accident, or cancer treatments.
Over 8% of respondents said they were unable to take their pets for regular check-ups and vaccinations because they couldn’t afford it. An additional 71% revealed they’d not taken their pets to the vet for routine examinations.
Pet expenses
The survey also disclosed that American pet parents have to shell out a lot of money; 22% of the respondents spend around $76 to $100 (€72 to €95) a month on their pets.
An additional 2 out of 10 spend between $51 to $75 (€48 to €71) monthly. Those spending more than $100 (€95) a month represented nearly 20%.
Inflation is causing pet parents to rehome their companions; 29% of the survey respondents handed their pets to pet shelters because they couldn’t afford the upkeep. Around 5% sold their pets as they desperately needed money.