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A generational uptick in spending for pet parenthood, driven in part by Gen Z, means that millions are being hit with vet bills, including unexpected emergency costs.
A March 2025 Colliers report cites data that 66% of American households now own at least one pet. The Rover pet site’s recently released “True Cost of Pet Parenthood Report for 2025” reveals that dog parents can expect to spend around $34,550 for lifetime care over a decade, and cat owners roughly $32,170 over 16 years. Veterinary expenses are expected to surge 11% this year alone, with prices of treats rising 85% and costs of cleaning products skyrocketing 183%.
It’s no surprise, then, that pet parents are feeling squeezed. Rover reports that 48% of owners stress over the rising cost of pet care over their loved ones’ lifetime, and 28% are already worried about affording their pets’ needs right now. In order to make do, 33% of pet owners have cut back on groceries, entertainment or other essentials to prioritize pet costs, prompting concerns about the financial burden of pet ownership. Faced with these costs, pet owners may find that tools such as a CareCredit card are viable options to help finance pet insurance and unexpected emergency expenses.
When Emergency Strikes: Financing Pet Health
Living paycheck to paycheck has become an unfortunate reality for the majority of Americans. A 2023 Payroll.org study revealed that over three quarters of Americans (78%) live paycheck to paycheck, a worrying phenomenon that increased 6% from the previous year. The study highlighted that around the same percentage of Americans (71.93%) in this precarious financial situation have less than $2,000 in savings and that the generation most likely to be pet owners—members of Gen Z— are also the least likely to have a substantial safety net, with nearly 69% having less than $2,000 in savings. Worse, a study conducted by Symphony revealed that pet owners frequently underestimate the cost of lifetime care, with almost three out of four (74%) pet owners having faced unexpected pet care costs exceeding $250. Meanwhile only 31% of pet owners said they could comfortably manage a huge pet expense.
Financial precarity can render pet owners vulnerable to emergencies, especially when impromptu surgery can cost anywhere from $300 to $10,000, according to MarketWatch. Routine care, such as vaccinations, dental cleanings and preventative treatments, also contributes to the increasing financial strain, but with some budgeting and tools like CareCredit and pet insurance, owners can secure medical treatment for their nonhuman loved ones, and get help with financing options that section expensive procedures down to manageable payment plans.
How CareCredit Works
- Easy application: Pet owners can apply for CareCredit quickly, either online or in-person at participating vet offices.
- Payment flexibility: CareCredit offers various payment plans, some with no interest for promotional periods (from six to 24 months).
- Wide acceptance: CareCredit is accepted within a large network of veterinary clinics and hospitals, making it accessible for pet owners.
- Versatility: The card can be used for a spectrum of medical needs and services, including but not limited to: medical specialists like dentists and eye doctors, medical imaging and lab work, pet insurance, funeral and cremation services, and drugstores and prescriptions.
- Best of all, you can use the CareCredit card account the moment your application is approved, without having to wait for the card to come in the mail. It’s truly a card built for emergencies, where you can apply from the veterinary office and use it in seconds.
Alternative Ways to Finance Pet Care
While CareCredit is a stellar option for emergencies, it’s important to stress that a solid plan to finance care for the entirety of your pet’s life is critical. Here are a few options pet owners should look into:
- Pet insurance: Many pet owners opt for pet insurance, which can help cover large portions of medical bills including surgeries, prescription medications and emergency care. Some insurance providers even offer wellness plans and behavioral therapy, which can cover routine care such as vaccinations and checkups.
- A variety of plans are available across providers tailored to different needs, ranging from basic accident coverage to comprehensive health plans.
- Emergency savings fund: Setting aside a portion of your budget each month for emergency pet expenses can alleviate the stress of covering surprise vet bills. Although it takes time to build up a nest, having a cushion for your pet’s care will reduce reliance on credit cards and loans.
- Payment plans with veterinary clinics: Some veterinary offices provide in-house financing or payment plans. These plans may offer more flexibility than traditional financing options and could have lower interest rates.
Source: Forbes Advisor research. Costs are based on plans with unlimited annual coverage ($100,000 for Lemonade), a $250 deductible and 80% reimbursement level. Chewy’s Essential Plus plan does not offer 80% reimbursement, rates are based on 90% reimbursement.
Bottom Line: Stay Proactive
Being proactive about your pet’s health and finances can help mitigate unwanted surgeries and costs. Taking your pet for regular checkups can help catch health issues before they become a debt quicksand. Estimate your pet’s average health care costs and set aside funds each month to prepare for inevitable expenses. And always research providers and shop around for competitive pricing to make sure you’re getting the best services for your dollar.
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