Pets can be quite expensive. For example, between food, vet bills and other miscellaneous expenses, most dog owners will spend somewhere in the neighborhood of $4,000 – $35,000 over the course of their pet’s expected lifespan – 6 to 14 years, depending on the breed – according to estimates from the American Kennel Club and the American Society for the Prevention of Cruelty to Animals. Cat owners don’t have it much better, facing expected annual costs of around $670, which would equate to roughly $10,050 over a feline’s 15-year average lifespan.
It’s therefore no surprise that the 160 million pet-owning U.S. households are projected to collectively spend $60.59 billion on pet care in 2015, after shelling out $266.5 billion in the previous five years. Furthermore, it’s obvious why a flourishing pet financing industry has cropped up to help people afford the sometimes-exorbitant costs associated with caring for our furry, feathered and scaled friends.