Some Pet Owners Go into Debt to Pay Pet Bills
Important takeaways
- Caring for a dog or cat has become very expensive, with total costs often exceeding $50,000.
- Many families rely on credit cards, savings or loans to pay unexpected pet bills.
- Planning ahead with pet insurance or a dedicated emergency fund can make those expensive bills easier to manage.
An unexpected visit to the vet can end up costing thousands – and for many pet owners, the cost comes after care, even if it means emptying the emergency fund or taking out a loan.
The price of pet care is only increasing, with a veterinarian costing about 43% as of 2021, exceeding most household budgets. Peripheral costs alone now top $4,000 a year on average, according to research from Money.com and Healthy Paws Pet Insurance. Over the course of a typical 12-year life, that adds up to more than $50,000—and that’s before unexpected expenses or chronic conditions are factored in that can be much higher.
Faced with those costs, many pet owners say they’ll rely on credit cards, loans or financing if they can’t pay for care upfront — 38% say they put pet debt on a credit card, and 20% will try to save even if it means paying it off.
That may solve the immediate problem, but going into debt to pay for pet care can create lasting hardships — especially if high interest rates turn one-time vet visits into ongoing expenses. And for many families, those costs are not one-time. About a quarter of pet owners with chronic illnesses report spending between $5,000 and $10,000 a year on care.
Many pet owners try to offset the rising costs by shopping for better prices, buying in bulk, grooming at home or switching to generic medications. But these strategies don’t address the biggest financial risk: unexpected medical bills.
“One of the biggest gaps I see in financial preparation, especially with pet ownership, is that people plan for regular expenses but not the unexpected,” says Stacey Stark, financial advisor and president at Aurelia Capital Advisors. “Pet owners will budget for food, grooming and basic care, but major medical events are often treated as an impossibility rather than a lifetime event.”
That disconnect often leads to effective decisions in high-pressure situations. “Relying on debt, savings or crowdfunding in those times is not a plan; it’s a reaction.” Stark adds.
Experts say the best protection is to treat pet ownership like any other long-term financial responsibility and plan ahead. That means setting aside money in a pet-only emergency fund or using pet insurance to help prevent unexpected medical bills from becoming major financial problems.
Among respondents with pet insurance, nearly 75% say they have significantly reduced their out-of-pocket expenses, while 87% report greater peace of mind when it comes to their pets’ health.
“At the end of the day, pets are not an expense,” says Stark. “They are living members of the family, and financial planning should reflect that fact.”
More from Mali
Is Pet Insurance Worth It In 2026? What the Data Shows
Renters Insurance vs. Pet Insurance: What’s Covered and What’s Not
How Much Are Emergency Doctor Visits?
