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In today's fast-paced world, pet ownership comes with its own set of financial responsibilities. As pet parents, we often find ourselves questioning whether we can afford the care our furry friends need. In a recent episode of our podcast, we had the pleasure of speaking with Jonathan Wainberg, Senior Vice President at Synchrony CareCredit, who shed light on the financial challenges pet owners face and the solutions available to ease the burden.

Jonathan Wainberg brings nearly 20 years of financial services expertise and leadership to his role as Senior Vice President and General Manager of the Pet and Co-Brand business at Synchrony, one of the nation's premier consumer financial services companies. Jonathan is responsible for business development, commercial ingenuity, market expansion, and revenue growth as part of the Health & Wellness platform, comprising more than 260,000 health providers nationwide. He oversees the Health & Wellness co-brand portfolio, including Walgreens.

Jonathan joined Synchrony following a 15-year tenure with GE Capital, where he was the Senior Managing Director, Global Sales for Industrial Finance in London. He was a key member of the senior leadership team, building a new captive finance business for the reorganized and streamlined GE Capital. Jonathan developed the strategy and led the efforts that allowed GE to provide financing support to global customers in new markets, surpassing sales targets by more than 30%. With on-the-ground roles in the US, Europe and Asia, he's managed teams around the world and delivered complex strategies in more than 50 countries.

A staggering 28% of households with pets report barriers to veterinary care, with financial constraints being the most common reason. This alarming statistic highlights the need for pet owners to be proactive in managing their pet's healthcare costs. Jonathan emphasizes the importance of understanding the commitments that come with pet ownership and suggests creating a budget that accounts for both routine and unexpected veterinary expenses.

The conversation also delves into the emotional aspects of pet ownership. Jonathan shares his personal experience with his senior poodle, Maddie, who requires ongoing medical care due to age-related health issues. He explains how CareCredit has been a lifesaver, allowing him to manage Maddie's medical expenses over time without accruing high-interest debt.

Additionally, we explore the concept of financial literacy in the context of pet care. Jonathan encourages pet owners to have open conversations with their veterinarians about expected costs and care options. He highlights the significance of planning for the unexpected, as many pets will face emergencies during their lifetime. By being prepared, pet parents can ensure they are making informed decisions that prioritize their pet's wellbeing.

The episode also touches on the growing trend of pet humanization, where pets are treated as family members. This shift in perspective has led to increased spending on pet care, including specialized diets and advanced medical treatments. Jonathan notes that while advancements in veterinary medicine have improved pet health outcomes, they have also contributed to rising costs.

For those feeling overwhelmed by the financial aspects of pet ownership, Jonathan offers practical advice. He suggests exploring options like CareCredit, which provides a flexible financing solution for veterinary expenses. With no annual fees and the ability to budget payments over time, CareCredit can help pet parents manage their costs more effectively.

In conclusion, pet ownership is a rewarding experience, but it requires careful financial planning. By understanding the costs involved and utilizing resources like CareCredit, pet parents can provide the best care for their beloved companions. If you're a pet owner or considering becoming one, be sure to listen to this insightful episode for valuable tips and advice on navigating the financial landscape of pet care.

Links referenced in this episode:

• carecredit.com

• aboutthatwallet.com/newsletter

• youtube.com

• aboutthatwallet.com

🗣️ Quotes from Jonathan Wainberg

• "You should understand some of the commitments that come with that and whether you can afford them now."

• "There's an incredible amount of studies that show you have better health outcomes, reduced depression by having a pet."

• "If you can't afford your vet bills, should you even have a pet?"

• "Don't take it out on the veterinarian; it's just something that is going through the system and working its way through the economy."

• "Your health is your wealth."

Glossary of Key Terms

• Revolving Credit Card: A type of credit account that allows users to borrow funds up to a certain limit, repay a portion of the balance each billing cycle, and continue to borrow against the remaining credit.

• Deferred Interest Promotion: A financing option where interest is not charged on a purchase during a specified promotional period, provided that the full balance is paid off by the end of that period. If the balance is not paid off, interest is typically applied retroactively from the original purchase date.

• Underwriting: The process of assessing the risk of a potential borrower or insurance policyholder before approving a loan or coverage. In the context of credit cards, it involves evaluating an applicant's creditworthiness.

• General Purpose Credit Card: A widely accepted credit card that can be used for purchases at a broad range of merchants, as opposed to a specialized or store-specific card.

• Network Card: A credit card that is accepted by a specific group of providers or merchants, often within a particular industry (e.g., health and wellness).

• Small Business Month: An annual recognition and celebration of the contributions of small businesses to the economy.

• BIPOC: An acronym standing for Black, Indigenous, and People of Color, used to highlight the shared experiences of systemic racism.

• Social Vulnerability Index (SVI): A tool used by the CDC to assess the potential negative impacts on communities resulting from external stresses on human health and well-being. It considers socioeconomic status, household characteristics, racial and ethnic minority status, and housing and transportation.

• Socioeconomic Status: An economic and sociological combined total measure of a person's work experience and of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

• Animal Control Agency: A local government agency responsible for enforcing laws related to animals, responding to complaints, and often operating animal shelters.

• Enforcement Paradigm: An approach by animal control agencies that emphasizes issuing citations and penalizing pet owners for violations of laws and ordinances.

• Service and Community Engagement Paradigm: An approach by animal welfare agencies that prioritizes supporting pet owners, providing resources, and building positive relationships with the community rather than focusing primarily on punitive measures.

• Gentrification: The process of renovating and improving a house or district so that it conforms to middle-class taste. Often, this process displaces existing residents, particularly those with lower incomes or from minority groups.

• Veterinary Care Deserts: Geographic areas or communities with limited or no access to veterinary services, often due to factors like distance, cost, or lack of available practitioners.

• Spectrum of Care: The range of treatment options and costs available for a pet's medical condition, allowing pet owners to choose a level of care that aligns with their financial resources and the pet's prognosis.

• Stray Hold: The mandatory period of time that an animal shelter must hold a stray animal before it can be made available for adoption, rehoming, or euthanasia, allowing owners time to reclaim their pets.

• Chameleon: A software system often used by animal shelters and welfare organizations to manage animal records, adoptions, and other operational data.

Transcript