Many pet owners are willing to do anything to give their animal companions the care they deserve, even if it means taking a hit to their bank accounts. As many as 78% of Americans said they would consider going into debt to cover a pet emergency, according to a March 2023 report by Consumer Affairs. Of that 78%, 43% said they would go into debt for their pet while 35% said they might. While the statistic may seem heartwarming, keep in mind that getting too deep into debt can have adverse consequences on your personal finances.

Below, CNBC Select dives into a few ways to make pet emergencies more affordable so you’re only turning to debt as a last resort.

Pet insurance can help cover some of these unexpected medical expenses. A basic policy might only cover accidents and/or illnesses, but some policies can also cover things like routine wellness expenses. According to the North American Pet Health Insurance Association, accident and illness coverage for dogs costs an average of $53.34 per month (the number is much lower at $16.70 for accident-only coverage).

Still, though, $53.34 per month is a small price to pay to avoid paying completely out of pocket for your pet to be treated when they’re sick or are involved in some sort of accident.

There are lots of solid pet insurance companies available, but CNBC Select ranks Spot Pet Insurance as the best overall. That’s largely thanks to its wide variety of maximum annual coverage options, deductible options and reimbursement choices that make it easy for policyholders to tailor their coverage to their pet’s needs (and their budgets). Spot also offers a 10% discount for insuring multiple pets.

Lemonade is also a good choice for pet insurance provider, and it offers plenty of discounts. That includes a 5% discount when you pay annually, a 10% discount for bundling pet insurance with another one of their insurance products (i.e., homeowners insurance, renters insurance, etc.) and a 5% discount for paying for two or more pets.

Most pet owners wouldn’t hesitate to call a seriously sick or injured pet an emergency. So why don’t you have a fund set aside for such an unfortunate incident? Putting money aside in an emergency fund would create your first line of financial defense if you lack pet insurance coverage.

You can either lump your pet emergency fund in with your regular emergency fund or keep the two separate — the choice is yours. Just remember to keep your emergency fund in a high-yield savings account so you can earn interest on your balance, which will help it grow even faster. High-yield savings accounts pay you more in interest compared to traditional savings accounts.

Of course, you won’t earn hundreds of dollars in interest each month but every dollar counts and it’s still better than earning barely any interest at all.

The UFB High Yield Savings currently offers one of the highest APY’s earning up to 5.25%. So it can be ideal for anyone who wants to earn a higher amount of interest on their balance (just keep in mind that APY’s are subject to change at any time).

The Marcus by Goldman Sachs High Yield Online Savings is also a popular choice since it doesn’t charge fees for excessive transactions, overdrafts, or monthly maintenance. It’s a fairly straightforward savings account.

According to Animal Foundation, a nonprofit animal shelter based in Las Vegas, it’s possible to negotiate your bill and even work out a payment plan with your pet’s veterinarian. Having a payment plan can take some of the stress out of making a large lump sum payment. You’ll be able to break it up into smaller monthly installments that may better fit your budget.

The site also suggests comparison shopping if your pet needs a certain treatment or procedure. By asking around at different animal clinics, you can try to get the lowest price possible for your pet’s treatment. Of course, this is best geared toward non-emergency treatments; if your pet requires emergency treatment you likely don’t have time to comparison shop.

Lastly, you can also look into financial aid for your pet’s medical costs. The Animal Foundation lists several financial aid opportunities that are accepting applications. There’s no guarantee, but you could potentially get the entire treatment covered with no out-of-pocket costs for you.

If you’ve exhausted your other options and have to take on debt to pay for your pet’s medical emergency, you’re better off using a credit card that gives you a 0% intro APR period. This way, you won’t be charged interest during the introductory period and you can pay off the entire balance before that period ends.

The Citi® Diamond Preferred® Card, one of our favorite cards in this category, charges 0% intro APR on any new purchases for 12 months after opening the account (and then charges a variable APR 18.24% – 28.99% after that period ends). If you need a little more time without having to worry about interest, the Amex EveryDay® Credit Card‘s 0% intro APR period lasts for 15 months for new purchases (and has a variable APR of 18.24% to 29.24% after that period ends; see rates and fees).

Much like taking care of medical expenses for us humans, medical bills for our pets can really burn a hole through our wallets. In order to save the most, though, you’ll need to be a bit proactive. Enrolling in a pet insurance policy before accidents and illnesses occur can be especially useful, but it also helps to build an emergency fund for your pets.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best pet insurance products.

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For rates and fees of the Amex EveryDay® Credit Card, click here.