Is your dog becoming a financial drain?
While there are many reasons why people choose to rehome their pets, one of them is the unexpectedly high cost of looking after them.
Caring for a cat, dog or even a tortoise can be a real drain on your household budget. A survey conducted for Debt Advisory Centre reveals that 1 in 10 pet owners forks out over £50 a month on things like food, insurance, medical bills and grooming for their pets.
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Hide AdAnd some animal lovers are spending even more. A further 5% of pet owners say they shell out over £100 each month on their cats, dogs and other animal companions.
Adding bills for pets - particularly for unexpected thing such as a trip to the vet - into an already stretched mix of housing, utility, grocery and travel costs could be the tipping point for some pet owners.
Around 13% of respondents to the survey said they have given away a pet, with the majority saying they did so between six months and two years. This wasn’t because the animal was aggressive or that they didn’t have space for it, but because they couldn’t afford it.
Pet owners under 35 are most likely to give away a pet because of the cost of looking after them.
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Hide AdThe survey also reveals that many others prefer to struggle on with the cost of pet ownership rather than rehome their pet. In fact, a third of pet owners say they have cut back on their own essential living costs so they can afford to care for their pets.
While it proves that many of us consider our beloved pets a vital part of our family, it’s not advisable to prioritise caring for an animal over paying priority bills – such as utilities, rent, or council tax. Not only will you rack-up arrears and potential additional charges, it will also damage your credit history.
Making the choice between feeding your pet or paying your rent could be a sign that your finances are getting out of control.
Anyone who feels that they are being overwhelmed by their debt should seek advice as soon as possible, from the Money Advice Service or a specialist debt advice provider, such as Debt Advisory Centre.
Debt Advisory Centre: 0161 871 4881