Millennials are putting themselves in debt for their pets

It probably comes as no surprise but many millennials are willing to put themselves in debt for their pets. But for them, it is worth it, and we understand.

When it comes to our pets, we often refer to them as our children. They are integral members of our family and we can’t imagine not taking care of them. And for some millennials this also means putting yourself in debt in order to make sure that pet is taken care of properly.

In a new study from Lending Tree, it has been found that a whopping 42 percent of pet owners have put themselves in debt in order to give their animal the best lives possible. In fact, there is an entire category of financing that is strictly related to our furry friends.

And while millennials seem to be the biggest group willing to be in debt for a pet, they are not alone, as across all age groups, people are willing to spend whatever they believe is necessary for the good of their animals. Up to 60 percent of people surveyed explained that their pet has had a medical emergency, with some having multiple emergencies to contend with.

While roughly 24 percent of those surveyed said that they spent between $300 and $500 on their animal, there is still a decent percentage who said that in a single year they spent $1,000 or more. And depending on what type of animal you have, your worry increases when it comes to taking care of them.

From credit card debt to taking out loans, many pet owners have no problem spending the money and extending themselves when it comes to making sure their animal is properly cared for. And while it can sometimes cause extra stress and worry, we also find it hard to say no when it comes to something as important as medical expenses. After all, vet bills are just like any other doctor bill we receive – a necessary evil.

Although 59 percent of pet owners expressed worry over taking care of their animal, when you look at dog and cat owners the numbers change a bit. Dog owners are 60 percent more likely to worry, while 66 percent of cat owners are concerned with those expenses.

Considering how much of a strain it can be to actually be in debt, many pet owners would not change a thing and have even said that they have no problem getting another animal in the future. And in many cases we understand where they are coming from.

Even with the high cost of owning a dog or cat (among other animals), there is something special about the unconditional love they give us. And the fact that there are studies that have shown that owning a dog is good for one’s health, it makes it hard to be upset over spending what some might consider to be excessive amounts of money on our animals.

We love our animals and when you think about how much we already are willing to spend on ourselves and our family, it seems wrong to be upset over spending that kind of money on our dogs and cats. After all, we consider them a part of our family, so why would we not do what we can for them?

What do you think of people putting themselves into debt for their animals? Have you ever been in debt because of a pet? Tell us your thoughts in the comments.