What are bungee straps used for?
Similarly one may ask, how long does bungee cord last?
If a bungee cord has an elongation rating of 100% that means it is meant to stretch twice its original length. Bungee cord can have longer or shorter elongation ratings. Used properly you shouldn't have a problem. The sport of bungee jumping has been around for about 1,500 years according to some.
Then, are bungee cords dangerous?
Bungee cords are inherently dangerous. They contain great amounts of stored energy, and when released can strike a person's eye at 200 mph. Bungee cords are a leading causes of eye injury. Bungee cords are often designed and built in an unsafe manner.
I usually cut it off with diagonal cutters and burn the ends. : Works OK, but leaves a messy end. Wrap the cord with tape -- plastic or even masking tape -- cut it and then burn the ends. This lasts as long as the cord is reasonably elastic and then it is time to change out the cord anyway.