Nearly 75% of people in their 40s and 50s are worried about healthcare costs. This is a higher proportion than any other age group. About 2 in 3 pet parents fear they won’t be able to afford future vet costs for their furry friends. Given these fears, more Americans than ever are looking into alternate payment methods beyond credit, debit, or cash. One option available to them? Buy Now, Pay Later.
Most Americans have encountered Buy Now, Pay Later (BNPL) options before. Such plans offer flexibility to people who need extra time to pay for services. Almost 70% of people are successful when it comes to following a BNPL budget. For pet parents, that number is even higher. More than half of pet parents surveyed have used BNPL as an alternative to credit, debit, or cash purposes. Less than 20% of pet parents use pet insurance to cover vet costs, and it takes at least one month for some pet parents to pay off the visit. BNPL offers fair, fixed rates while allowing its users to avoid credit card fees and interest.
Healthcare bills take time to pay off. One of the worst offenders are dental visits, since dental tends to be covered separately from health insurance. Only 32% of Americans immediately pay off dental costs in full. 40% take a month or more to clear the ledger. When one knows they can’t pay a bill right away, they should look for the option that charges the least amount of interest.
When asked, 71% of Americans who visit the dentist frequently would use BNPL over traditional payment methods. 86% of pet parents said the same thing about vet costs. Millennials are the age group whose interest increased the most during the course of the pandemic. Stay smart with healthcare costs!