Friday, January 16, 2009
Category:
Secured Loans
As the credit crunch continues to bite, it would seem that numerous people are turning to their bicycles to commute to work as opposed to cars or public transport.
According to research conducted by Sainsbury’s Home Insurance, 12 percent of the British workforce (3.3 million people) have recently adopted this method of getting around in an effort to make savings.
The research reveals that opting for a bicycle over cars or public transport is saving people in the region of £33.70 a week, which equates to £111.2 million collectively. Of course, in addition to monetary benefits, cycling also offers health and environmental benefits to boot.
Findings also indicate that this newly founded cycling community is comprised of more men than women. In fact, 15 percent of the male working population have decided to commence cycling to work, compared to 8 percent of female workers.
These figures show that the current economic climate is causing people to re-think their lifestyles and make the necessary adjustments to save money. However, Sainsbury’s Home Insurance warns cyclists to keep their bicycles secure and adequately insured so as not to lose out to thieves. Statistics reveal that over 1,200 bicycles are stolen every day in the UK.
Neil Laird, Sainsbury's Home Insurance Manager, commented: "Using a bicycle to travel around can be a very effective way of saving money. However, with thousands of bicycles being stolen in the UK each week, it could soon turn out to be a white elephant, costing you far more than you expect if you haven't secured and insured it properly. It's important to make sure that your home insurance policy covers your bicycle."
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Homeowners juggling multiple repayments on various credit card and store cards at the moment could consider refinancing existing debts with a
secured loan. Potentially this could lower initial monthly outgoings, and free up a little more of borrowers current income. Secured loans can be repaid over a term to suit the borrower from 5 to 25 years, but it must be remembered that repaying borrowing over a longer term may increase overall interest charges.
