Vet bills are reportedly pushing pet owners into debt, with more than a third resorting to credit cards to manage treatment costs. Research from Investec found that some owners are taking years to clear these debts, potentially paying more than the original amount due to interest.
Investec's survey of 1,000 adult pet owners revealed that 36% are settling vet bills using credit cards. While most clear their debt within months, 13% took between one and three months, 6% took three to six months, and 2% took between one and two years to fully settle the costs.
Pet insurance can help mitigate unexpected vet bills, though cover can be expensive. The average pet insurance premium is £23.63 a month, according to MoneySuperMarket, but this can vary based on factors such as the pet's age and breed, and the policy type.
Ways to potentially reduce pet insurance costs include adjusting the excess, considering third-party liability cover for dogs, and exploring multi-pet policies. Charities such as the PDSA, Blue Cross, and RSPCA may offer free or subsidised veterinary care for pet owners on low incomes or certain means-tested benefits.