- 16
- Apr
The cost of a pet could see Britons develop debt management difficulties, it has been revealed.
According to research by Halifax, consumers have spent some £2.6 billion on cats and dogs over the past five years.
However, as 59 per cent of owners were reported to not consider the costs of necessities such as food and underestimating vet bills by 103 per cent before they pick up their pet, Britons may find themselves struggling to make personal loan repayments.
Spokesperson Vicky Watson claimed "it is worrying that so few pet owners are researching the upkeep costs for their chosen pet before selecting an animal" as the cost of upkeep between animals varies "enormously".
She also advised consumers to take out pet insurance to avoid future financial difficulties should their animal suffer a medical emergency.
"Those who choose not to take out pet insurance could find themselves liable for expensive vet bills and add financial pressures on top of the emotional strain of having to care for a sick animal," Ms Watson suggested.
Last month, research from Birmingham Midshires suggested that the majority of Britons are unprepared in case of a sudden change to their financial situation.
About 80 per cent of respondents claimed they would face difficulties with personal loan repayments and debt management should they become unexpectedly redundant.
Interfinancial providing you with breaking debt management news.
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