Consumer credit increase a good sign for practice owners

Consumer credit increase a good sign for practice owners

Your clients may finally be climbing their way out of debt, which could mean great things for your veterinary practice.
Mar 21, 2011
By staff

If you want to know how your veterinary clients are faring financially as of late, here’s an update. Financial experts agree it’s a good sign that consumer credit has increased and it’s a reflection that household debt obligations are finally returning to a more normal relationship to household income. This could have an effect on consumer spending.

Even so, now’s not the time to assume that the economy has returned to normal, says Steven Kyle, professor of Applied Economics and Management at Cornell University. On the positive side, he says, household debt obligations as a ratio to disposable income are in the 12 percent range, which is comparable to what we saw in the mid-1990s. The precipitous drop in household debt since two or three years ago shows that there is an end to this long and dark tunnel—it’s just going to take awhile to climb out of it.

Hot topics on dvm360

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.

The war between shelters, veterinarians needs to end

Despite practitioners’ legitimate gripes, they’re hurting themselves.

Making it work: Cavanaugh Pet Hospital dedicates itself to a positive, productive shelter relationship

Watch "Moustakas" benefit from Cavanaugh Pet Hospital's partnership with Furry Kids Refuge.

Ebola-exposed dog's first test for the virus is negative

Bentley will continue to be treated with an abundance of caution for the remainder of his quarantine, while his owner has been declared 'virus-free.'