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Is your pet sending you into credit card debt?

On Behalf of | Jul 17, 2018 | Bankruptcy

Resisting the adorable kitten at the animal shelter or denying kisses from the adoptable puppy at your neighbor’s home proves nearly impossible for some. You may see the small animal and make the determination that if you don’t adopt it, no one will.

Unfortunately, many adults’ spontaneous decision to purchase or adopt a furry friend sends them spiraling into serious credit card debt. An increase in vet bills and food simply adds to your mounting owes, leaving you with the realization that you’ve made a mistake in adding a pet to your family.

How expensive could it really be?

Crushingly, so.

According to NBC News, Americans spent more than $60 billion on their pets in 2015. To own a dog, owners must be prepared to spend nearly $2,000 per year.

General expenses for animals include:

  • Food and treats
  • Dishes
  • Leash
  • Bed
  • Toys
  • Cage/carrier

Yet the most significant credit card debt comes from the veiled expenses of your animal. Accidental injuries and destroying of furniture and important assets escalate the price of ownership. Other expenses include:

  • Pet insurance
  • Pet rent, if you live in an apartment
  • Vet check-ups
  • Spay or neutering
  • Vaccinations
  • Dog walking
  • Boarding, if you vacation

Budgeting to determine feasibility

To determine whether owning an animal is financially safe for you, you must be willing to budget. It may prove unnecessary to own a pet if you are in financial turmoil or working to pay back credit card debt.

For those already in insurmountable debt, adopting an animal proves to be an expense you may not have the ability to afford. Completing research and understanding expenses of pets may save yourself from grief and stress, and you may save your potential animal from entering a home that proves unsatisfactory.