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Cost of Living Crisis 2022: Terms Explained

With the Cost of Living Crisis 2022 in full effect, we are starting to see money-related terms and language in the Media to describe the Crisis, but more often than not, they fail to provide any definitions to explain what these words mean and how they work.

Within this blog, we have created a table which includes various “financial” terms and definitions that you might hear in the News. Some you might know, some you might not. Either way, we hope you find this table useful.

Cost of Living Crisis 2022

WordDefinition 
Personal LoanA personal loan is a type of loan that offers flexible, short to moderate, repayment options. 
Personal FinancePersonal finance is an umbrella term that relates to various different types of finance
BudgetingBudgeting refers to the act of putting aside a sum of money for a particular purpose.
Incomerelates to any money you earn on a frequent basis through your work or through investments. 
Savingsare when you take your disposable income and put it aside for your future or a future purchase.
InvestmentAn investment is an act of putting your money into a product or service to make a profit or get an advantage. 
Home InsuranceHome insurance often referred to as homeowner’s insurance, is a financial product that covers damages and losses related to the home. 
AssetsAn asset is something of value, like a property, 
LiabilityLiability, or being liable, is another way of stating that you are legally responsible. 
Unsecured LoanAn unsecured loan is when you borrow money that doesn’t require any form of collateral, like a property. 
Secured LoanA secured loan is when you borrow money against an asset you own–often referred to as collateral. 
Interest Rates An interest rate is the amount of money you will be charged for taking out the loan. Interest rates are factored into your repayments, and the higher the interest rate, the more you’ll pay back.
Collateralis a term used in reference to an item of value, like a property, fine art, vehicles, etc. If you have poor credit, a lender may only agree to the loan if you can provide an item as collateral.
Credit BrokerA Credit Broker is a term used in business and law referring to a company or individual that deals in the brokerage of consumer credit. Essentially, they are the middleman between a body looking for consumer credit and a willing party that can provide credit. 
DebtA sum of money that is owed or due to another party.

Cost of Living Crisis 2022 FAQ’s

Who can become a Health Service Discounts member?

Anyone that works in the Healthcare sector can become a member. Nurses. Office Workers. Pharmacy workers. Midwives. Medical associates. Nursing Assistants. Physicians. And everyone in-between.

Is it free to sign up?

If you are an NHS Staff member or healthcare worker, then you can sign up for Health Service Discounts for FREE. We are always uploading new and exciting discounts, so make sure you keep your eyes peeled on your Social Media, Emails, and Website.

How to use an NHS discount

If you want to use an NHS Staff Discount, all you need to do is sign up and become a member. After becoming a member, simply follow these steps to redeem your NHS Staff Discount:

1. Firstly, you need to be a member of Health Service Discounts to use an NHS Discount Code. If you are not a member, don’t worry – our sign up process is quick and simple.
2. Once you have signed up, simply sign in to your account on the Health Service Discounts website and search for the NHS Discount Code you are looking for.
3. After you have found the code you wish to use, simply click “Get Code”.
4. After clicking “Get Code”, you will be given a discount code that you can use at checkout on the partner website.

Freedom Finance

As one of the UK leading finance brokers, Freedom Finance champions the lender, the innovator, and the entrepreneur. The finance and credit market can be a confusing space, and if you are looking to borrow money, Freedom Finance makes it simple and “baffle-free”. With Freedom Finance, you can check your eligibility for a loan without affecting your credit file. 

Here are some of the financial areas Freedom Finance can support you with:

– Personal Loans
– Homeowner Loans
– Credit Cards
– Car Finance
– Mortgages
– Debt Advice

Unsure where to start? Freedom Finance has an excellent customer service team that are available to help you with any questions, queries or concerns you may have. You can speak to them over the phone, send them an email, and you can even send them a message via their live chat. 

What do Freedom Finance do?

Freedom Finance is one of the UK’s leading lending platforms, and through Freedom Finance, the borrowing process is straightforward. You can choose from a range of finance options, such as personal loans, homeowner loans, as well as credit cards and car finance options. Freedom Finance makes finance, such as personal loans, easy to understand with its jargon-free approach

Does Freedom Finance affect credit score?

In short, Freedom Finance allows you to conduct a soft search, which is not recorded on your credit file. When conducting a soft search, you will be required to provide some personal information to estimate your credit history. Then, based on the results, you will be given information, such as whether you are eligible. Plus, you can look into various types of loans without affecting your credit score.

More NHS Blogs

New NHS Discounts
Are you searching for new NHS discounts? Here at Health Service Discounts, we continually work with new brands across various categories, such as travel, fashion, finance, and much more.
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Are you searching for a specific discount? Why not take a look at our A-Z NHS Discount list that is updated monthly? Click the button below for more incredible discounts.
cost of living crisis 2022

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