Animals make us do crazy things, like bringing in a flea-ridden stray kitten on a freezing October night. But you don’t have to be an impulsive cat lady (like me) to find yourself with an unexpected vet bill. Of course you’ll pay it, because look at that face!
For many pet owners, the question of whether to seek pricey medical care for their four-legged family member isn’t a question at all — and it’s driving them into debt, according to a U.S. News survey.
Between Aug. 2 and 14, U.S. News ran a nationwide survey of 1,210 Americans who have ever gone into debt for their pets, conducted through PureSpectrum. We asked them a series of questions about their pet-related debt, including how much they owe, whether they have any regrets and whether their pet debt kept them from achieving other financial goals. Here’s what we found:
— Pet owners who took out debt for their furry friends owed $2,632 on average. About a quarter (24%) borrowed less than $500, while one in six (16%) incurred debt balances of $5,000 or more. Less than a fifth (18%) say they regret going into debt for their pet, while 82% do not.
— Three-quarters of respondents (76%) say that they went into debt to save their pet’s lives, and 40% say that their pet had a chronic illness or disease when they borrowed money. Pet owners whose pets have a chronic illness deal with far higher debt balances ($3,167) than those with healthy pets ($2,269).
— The biggest source of pet debt is veterinary bills (63%), followed by food or other supplies (14%), and prescription medications (11%). Among those with vet bills, the most common culprit is emergency visits (43%).
— Pet owners most commonly borrowed with traditional credit cards (36%) and medical credit cards, including CareCredit (27%). A third (33%) were able to borrow from friends or family to pay for their pet-related expenses. Older respondents were more likely to use a traditional credit card, while younger pet owners were more likely to use personal loans and payment plans.
— About a fifth of respondents say they are still paying off their pet debt, while four in five (80%) have successfully repaid it. Among those who are now pet-debt-free, most of them (52%) were able to pay off their balances in six months or less.
— Less than a quarter of respondents (23%) had pet insurance at the time they went into debt for their pet. Among them, 76% say that pet insurance reduced the amount they ultimately owed, but 24% say it did not. Younger respondents were far more likely to have pet insurance.
[Read: Best Debt Consolidation Loans.]
Meet the Pet Owners Who Have No Regrets About Going Into Debt
For many pet owners, going into debt is a last resort but a necessary sacrifice. After all, three-quarters of respondents (76%) say they went into debt to save their pet’s life, and the majority (82%) say they don’t regret going into debt for their pet.
When we asked why they don’t regret going into debt for their pets, the most common words they used were love (355 instances) and family (307) — as well as child (70), baby (45) or kid (24).
“They are ‘kids’ as I couldn’t have children. I love them and would do whatever possible to save their lives or improve their quality of life,” says a senior in Iowa City, Iowa, who used a medical credit card and borrowed money from her retirement account to cover $6,000 worth of vet bills.
“They are part of the family. When adopted, I was given responsibility to care for her. She is worth it,” says a New Yorker with a dog and cats. She borrowed $2,000 from friends or family in order to pay for her pets’ prescription medications.
To paint a picture of how passionate pet owners were in our survey: Even though we didn’t ask respondents their pets’ names, many took the time to share them in personalized comments with tender tributes to Wasabi, Chanel, Jemma, Buddy, Nala, Oreo, Chico, Rex and Eevee.
One man shared an all-caps reply, “MY FUR BABIES ARE FAMILY JUST AS IMPORTANT TO ME AS MY WIFE OR CHILDREN” — we’ll keep his age and location anonymous in case his wife ends up reading this.
[See: Best Personal Loans for Credit Card Refinance.]
Owners Often Put Their Pets Before Themselves — and Their Financial Goals
A dog owner in Salt Lake City says that she doesn’t have the budget to cover three meals a day for herself because “My animals eat first” and “All living souls are worth extra effort no matter what.” This is just one example of the many respondents who shared their unwavering commitment to their pets, outlining their personal and financial sacrifices.
Pet owners say their spending has kept them from reaching financial goals like getting out of debt, paying other bills, taking vacations, saving for retirement, building an emergency fund, making home repairs and even buying a house.
Here are some of the most common words they used to describe their financial regrets:
“We’d probably be less in debt if we didn’t have a dog,” says an Ohio pet owner who took out credit card debt to cover an emergency vet visit. But she says that she doesn’t regret going into debt because “(w)e decided to get a dog, we need to be responsible for them even when they cost some money.”
A dog owner in Garden Grove, California, canceled a vacation to cover $4,000 worth of bills stemming from an emergency vet visit. She doesn’t regret it: “While I wish it wasn’t so expensive at the time, the costs were worth my dog’s life. They are like my children to me and I still have many years left with them, hopefully.”
“He’s my heart, my family and my best friend. I would lay down my life for him, I love him so much,” says a dog owner in Las Vegas with $1,700 in debt via a medical credit card. Still, she says she “can’t pay bills on time” as a result.
And because actions often speak louder than words, 18% of respondents say they’d be willing to take on more than $25,000 worth of debt for their pet.
In General, Pet Owners Borrowed Wisely
It’s not like your average dog mom is running up her credit card balances to pay for luxury services like boutique pet hotels or private planes for dogs. And although the cat distribution system is always hard at work, crazy cat ladies aren’t the only pet owners driven into debt. For the majority of people with pet debt, the root cause was an unavoidable expense, like veterinary bills (63%) or prescription medications (11%).
Most pet owners who took out debt were fairly frugal, with just a very small percentage (7%) taking out $10,000 or more in debt. The majority (80%) have already successfully paid off their pet-related debt, and over half of them (52%) were able to do so within just six months.
Additionally, a third (33%) borrowed from friends and family to help cover their pet-related expenses. Typically, you won’t have to submit to a credit check or pay interest to the Bank of Mom and Dad, making this a more favorable debt than, say, charging a credit card or taking out a bank loan. However, borrowing from loved ones risks turning a personal relationship sour if you can’t repay what you owe.
Here are the other types of debt pet owners turned to, and advice for paying it off wisely.
Traditional Credit Cards: 36%
While it’s easy to become overreliant on credit card spending to make ends meet, this isn’t always the worst way to borrow money. Opening a card with a 0% APR promotional period or using a low-interest credit card from your local credit union can reduce total borrowing costs. And by having a plan to repay your credit card debt in just a few months, you’ll greatly reduce the amount of interest you pay in the process.
Medical Credit Cards: 27%
It’s common for vets to offer low-interest or no-interest financing through medical credit cards like CareCredit. However, there is a catch: If you miss a payment, you could be charged deferred interest back to the date of purchase. Let’s say you financed $2,500 worth of vet bills at a reduced APR over 12 months, but you fail to make a payment. You could potentially be charged at the purchase APR of 33% to the tune of nearly $500 in interest.
Payment Plans: 24%
Ideally, you might be able to work out a payment plan with your vet. Some offices, especially smaller practices, may let you make affordable payments until you clear your balance. However, many vets don’t want to take on the risk of nonpayment, so they offer third-party financing through companies like Scratchpay. Think of this as a sort of buy now, pay later for vets: It could give you a way to cover the bill, but read the fine print to be aware of any fees and penalty APRs that could run up the final cost.
Personal Loans: 16%
Borrowing with a personal loan is one way to cover an emergency expense, like an unexpected vet bill. The primary benefit is that personal loans typically have lower interest rates than credit cards, and their rates tend to be fixed. However, personal loans aren’t likely to have interest-saving promotions like credit cards. If you’re set on using a personal loan to cover pet-related expenses, be sure to prequalify with multiple lenders, so you can shop around for the lowest possible rate for your situation without hurting your credit score.
[Read: Best Low-Interest Personal Loans]
Final Tips for Saving Money on Pet Care
As a financial writer, I’m inclined to advise against taking out debt for pet-related costs. But as a pet owner myself, I’m willing to give a bit more leeway. So if you must go into debt for your furry friends, keep your costs as low as you can.
Here are a few tips for keeping your pet debt low:
— Shop around for services. If your cat needs a certain type of surgery or disease treatment, for example, try to get quotes (and a second opinion) from more than one vet. If your dog has prescription medications, the cheapest place to get them filled may be an online pet pharmacy or local human pharmacy rather than your regular vet. The cost of a pet’s dental cleaning may vary widely from one provider to the next, so do some research beforehand — dental extractions can cost a pretty penny.
— Consider carrying pet insurance. Just 23% of respondents in our survey had pet insurance, and most of them (76%) say that having pet insurance reduced the debt they owed. Pet insurance tends to be worthwhile if you need it for an unexpected medical expense, but it doesn’t always pay off. Get a few quotes for different plans to see if getting pet insurance is worth it in your unique circumstances.
— Seek charitable care. Local animal control agencies often partner with vets to offer low-cost programs for residents to get their pets vaccinated and spayed or neutered at a steep discount. Other nonprofits may offer reduced-cost vet clinics for those who demonstrate financial need. The availability of these types of programs varies from one location to the other, so ask your vet and research what might be available in your area.
Finding ways to save money on vet bills and other pet-related costs can reduce the amount you ultimately owe and help you get out of debt faster, which means more money in your pocket to spend on a toy that your cat will probably ignore in favor of the cardboard box it was shipped in.
More from U.S. News
Is Debt Consolidation a Good Idea?
What Is Debt Consolidation and How to Do It
5 Costly Debt Consolidation Mistakes — and How to Avoid Them
Pet Debt Dilemma: Survey Reveals Pet Owners’ Spending Limits originally appeared on usnews.com
