Report: Millennials going into debt over pets
Millennials are facing debt issues, and this time, it’s due to their pet.
According to a recent report from LendingTree, over 40% of Millennials have gone into debt because of their pet. Researches examined close to 800 pet owners and found that Millenials have the most amount of pet-related debt than any other generation.
The study says that most financial strain is due to unexpected medical emergencies.
The study also adds that roughly six in 10 people say their pet has had more than one costly health scare in its lifetime.
How do Millennials tend to pay for these expenses? LendingTree says over 40% of them use credit cards on the medical bills.
Analysts say one in 10 Millennials are still paying off their debt.