Saturday, March 20, 2010
Category:
Personal Finance Tips
According to Saga Pet Insurance, 21 percent of those over the age of 50 are cat or dog owners, and those living in the North West are likely to face the most significant veterinary bills in the UK when their pets become unwell.
In this region the average annual bill reportedly stands at £646, which is 53 percent more than the sum of £421 recorded in Northern Ireland and the Channel Islands, which are the cheapest regions.
It has also been revealed that average UK veterinary bills incurred by those over 50 years of age have risen by 11 percent since 2008, which is more than twice the annual rate of inflation. Furthermore, a 53 percent increase in annual veterinary costs has been reported since 2007 and a 101 percent increase since 2006.
On a regional basis, it was found that the greatest rise in veterinary expenses since 2008 has been in the North East where cat and dog bills have increased by 29 percent and 17 percent respectively.
Chief Executive of Saga Group Ltd, Andrew Goodsell, commented: "As vet bills are vastly surpassing inflation, pet insurance is therefore a vital tool to help owners budget for unforeseen costs of care for their cat or dog that may arise in the future. Especially for those aged over 50, whose income is already being squeezed at both ends in the current climate."
"As a nation we consider pets as members of the family. Without the appropriate insurance, owners could be faced with the prospect of being unable to afford care because it's simply too expensive, a situation no one would voluntarily put themselves in."
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Homeowners who may be juggling multiple credit repayments each month, let alone unexpected veterinary costs, could consider taking out a secured loan to tie up any existing credit in order to potentially reduce outgoings. One of many finance options available, a secured loan for
consolidation could eliminate the need to juggle multiple, expensive credit card repayments. Instead, the borrower could be left with just one, lower monthly repayment and therefore more disposable income each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
