Millennials accumulate more debt with pets and vets than any other generation

Young pet owners rush no more debts take care of their cuddly companions than any previous generation.

A recent loan tree to study showed that 42% of millennia have been in pet debt, and one in 10 is still paying he turns off. The largest generation in U.S. history, Millennials use credit for pet care more than their predecessors, mostly due to medical emergencies.

“Almost one in five pet owners spends more than $ 1,000 a year on their pet,” LendingTree said. “If an emergency pet-related expense of $ 1,000 were to arise tomorrow, 37% would turn to a credit card.”

So it’s no surprise that millennials have racked up a significant amount of credit card debt. Another study by North West Mutual found they owed an average of $ 28,000 on the cards.

“Despite the financial pressure – and the fact that 36% of pet owners regret paying the expenses that caused their debt – 77% of those who have had pet debt would still consider having another animal, ”LendingTree said.

Millennials are also confronted with the hot air balloon student loan debt. In Q1 of 2019, the average millennial borrower owed $ 34,504 for their education, according to Experiential.

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Frank J. Connor of FOX Business contributed to this report.

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