New words – 14 December 2020

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comfort spending noun [U]
UK /ˈkʌm.fət.ˌspendɪŋ/ US /ˈkʌm.fɚt.ˌspendɪŋ/
the act of buying nice things for yourself in order to feel better when you are stressed or unhappy

Now it’s almost fall, and we’ve graduated from hoarding toilet paper to making midnight online purchases that WalletHub calls “comfort spending.” It helps, somehow, to know that choices, even frivolous ones, are still possible. Maybe you can’t control a virus, but you can control Amazon Prime.
[houstonchronicle.com, 10 September 2020]

shecession noun [C]
/ʃiːˈseʃ.ᵊn/
an economic recession that affects mostly women

One of the unique aspects of the current recession is the way it’s impacting women: though men are more likely to die of Covid-19, the pandemic’s toll on employment is heavier for women. While the 1970s marked the start of “mancession” periods in industries like construction, the current “shecession” is heavily affecting sectors like hospitality and retail.
[www.bbc.com/worklife, 27 October 2020]

mortgage prisoner noun [C]
UK /ˈmɔː.gɪdʒ.ˌprɪz.ᵊn.əʳ/ US /ˈmɔːr.gɪdʒ.ˌprɪz.ᵊn.ɚ/
someone who is unable to transfer their mortgage to a lender that offers lower interest rates because the rules for borrowing have become stricter or their house is worth less than they owe

Mortgage prisoners are customers who have previously been unable to switch mortgages despite being up-to-date with their payments. The FCA changed its rules last year to allow lenders to assess affordability based on a mortgage prisoner’s track record of making mortgage payments if they are not looking to move house, or borrow more.
[ftadviser.com, 26 October 2020]

About new words

7 thoughts on “New words – 14 December 2020

    1. George Roberts

      Prior to the current low interest rates, many borrowers found that the amount owed was more than the value
      of their property when tested on their local ousing market. Thus the term ‘Mortgage Prisoner’ can aptly be applied,in cases where the borrower is unable to move should they wish to re-house or re-locate.

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