Young pet owners rush no more debts take care of their cuddly companions than any previous generation.
A recent loan tree to study showed that 42% of millennia have been in pet debt, and one in 10 is still paying he turns off. The largest generation in U.S. history, Millennials use credit for pet care more than their predecessors, mostly due to medical emergencies.
“Almost one in five pet owners spends more than $ 1,000 a year on their pet,” LendingTree said. “If an emergency pet-related expense of $ 1,000 were to arise tomorrow, 37% would turn to a credit card.”
“Despite the financial pressure – and the fact that 36% of pet owners regret paying the expenses that caused their debt – 77% of those who have had pet debt would still consider having another animal, ”LendingTree said.
Frank J. Connor of FOX Business contributed to this report.