· why it matters: News reporting that 76% of pet owners went into debt to save their pet s life. · ignoring pet costs can quickly lead to debt. The average amount borrowed is over $2,600. And for most, it’s not because they’re buying luxury strollers. · as the ongoing cost -of-living crisis is rising in the us and beyond, many pet owners are facing financial hardship. Medical costs for pets is increasingly making pet debt a problem, with at least one survey from u. s. Owning a pet is significantly cheaper than having a kid, but some people are willing to go into debt for their animals anyway. · more than half of pet owners have skipped necessary veterinary care or declined recommended treatment, primarily due to cost , according to a recent study by petsmart charities and gallup. · although many consider pet costs to be significantly less than those associated with raising a child, there are numerous expenses, especially related to medical care, that can lead to substantial debt or financial strain. Learn about the hidden expenses of pet ownership and how to prepare for them wisely. · but when i talk to pet owners about this, many of them went to pretty extreme lengths in order to cover this care and to find a way to pay for it. Some of them are taking the difficult decision to surrender their pets to animal shelters, or even worse, to abandon them.

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