Why Pet Debts Are Skyrocketing and What You Can Do About It
Taking your pet to the vet is an important part of being a good pet owner. But the cost of bringing your furry friend in for a checkup may surprise you.
Veterinary bills have been mounting of late, and diagnosis and surgery can cost thousands of dollars. Adapting to this new reality and planning ahead in case of any emergencies can leave you prepared for the necessary visits.
Why animal costs are increasing
Average lifetime pet care costs will jump nearly 12% for dogs and 20% for cats from 2022, Synchrony Bank found in a report published in 2025.
Veterinarian costs are rising in part because clinics face higher costs for medical supplies, medications, supplies and more, according to the American Veterinary Medical Association. Technological innovation has also allowed for more advanced treatments – but those treatments come at a higher cost. Another factor that has contributed to the high cost of pets is that pets live longer. Older pets need extra care and regular check-ups, and all those visits can add up. There is also a shortage of animals that is challenging the industry.
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Method of preparation
Bank of America recently found that 29% of low-income families live paycheck to paycheck. If you’re in that situation, an unexpected bill can be devastating to your finances.
You never know when your pet may need medical attention or regular visits to the vet. That’s why it’s important to prepare ahead of time, if possible, so you don’t get caught out of the blue and have to collect credit card debt. Setting up an emergency fund for your pet that you gradually add to can help. Setting aside $50 a month in a special bank account for pet-related expenses adds up to $600 a year. Your pet may not need many vet visits when they are young, so you can save this money and use it if your pet needs a more complex procedure when they are older.
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Review your budget and cut costs where you can, such as canceling unused subscriptions. It may also be a good idea to see if you can cut costs by deciding on expensive categories, such as housing and transportation, to save more money. Another way to improve your savings is to improve your income. Negotiating a promotion, skipping a job and side hustle are three viable options.
You can also check out pet insurance policies that reduce how much you have to pay for emergencies. Pet insurance can help with reimbursement for diagnostic tests, hospitalizations, surgeries and more. But you should compare the policies for their premiums, coverage and other features. You can also ask your vet about any payment plans that allow you to split a large bill into several monthly payments.
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