Credit Karma releases new survey findings that indicates 1 in 5 pet parents are currently in debt

When it comes to our financial health, Credit Karma has established itself as a great tool for people looking to keep track of their finances and credit, in particular their credit score. As someone who has been using Credit Karma for years, they are a company I trust and one I look to for news on finances too.

So it just makes sense that when they released their survey findings in terms of how being a pet parent in the time of the pandemic can have an impact on someone’s finances, I had to read it. And the results were both surprising and yet, not.

While I am not saying that adopting a pet during the pandemic was a good or bad thing, it does make sense that some people are struggling now that so many people are heading back to the office. At the same time, being a pet owner can be expensive. All of these things can cause problems for people who love their pets, but may not have an excess of money in the bank to take care of them.

So what all did Credit Karma find in their study?

Credit Karma releases a new survey about how being a pet parent during the pandemic is impacting people’s finances

One of the big things that stood out from this survey is the fact that,

"Nearly one-in-five pet owners have gone into debt to care for their pet(s). Of those who have gone into debt, 40% have taken on less than $500 in debt, whereas 39% have taken on debt between $501 and $1,000 and another 21% have taken on debt above $1,001."

However, that was not the only important information that this survey revealed. According to Credit Karma,

"62% of respondents say rising inflation has made it more costly to own a pet34% of those who are financially responsible for their pets say they’re not prepared for the extra pet care costs when they return to office"

Basically, when it comes to being a pet parent during the pandemic, a lot of people are feeling the pinch financially. And for anyone who adopted at the start of the pandemic, the reality of being a pet parent as people head back to the office is something that is causing issues.

Overall, even just knowing that people are dealing with financial issues as pet parents can be enough to change the way we spend money.  Having this type of information can also act as a great way to rethink savings and prepping for later pet care too.

We want to know what you think of Credit Karma’s findings? Are you surprised by any of this? Have you felt a financial strain as a pet parent during the pandemic?