With an estimate of 25 million jobs lost globally due to the novel coronavirus pandemic, many are finding it hard to get loans and credit when they need it most. Toughening approval standards for banks and other firms have made loans harder to get. That’s a problem.
Paul Davidson of USA Today notes that “credit card standards were toughened by 8.3% of banks, compared to none in the fourth quarter. And criteria for consumer loans excluding credit cards were tightened by 7.3% of banks, up from 2.4%.”
Right now, cash is more important than ever. As Nathan Vardi of Forbes says, “cash is where nervous investors want to be.”
But what does this mean for all our assets? Does this mean we should liquidate them immediately?
I would say that the question should be about when to liquidate, rather than if we should liquidate. Cashing out your decades-old investments, especially now, may not give you the projected returns.
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