Coronavirus impact: Dos and don’ts of selling your assets to pay off debt

Coronavirus impact: Dos and don’ts of selling your assets to pay off debt

With the sudden and unprecedented impact on incomes, countless people are experiencing financial hardship of varying degrees.





Deciding to liquidate your assets is not an easy decision by any means. But as the Covid-19 pandemic continues to leave a deep and profound financial impact on millions of people around the world, many will be forced to make this decision sooner than later.

With the sudden and unprecedented impact on incomes, countless people are experiencing financial hardship of varying degrees. Mass redundancies, pay cuts and involuntary unpaid leave have left people struggling to manage day-to-day expenses and other financial commitments. Add debt to the mix, and anxieties are at an all-time high.

So, does it make sense to liquidate your assets to repay debts and meet other financial obligations? This decision may be voluntary or involuntary, based on your personal financial situation. Let's explore the dynamics behind this decision, and the ideal way to go about executing it.

Review your personal balance sheet

Start with listing out your assets and liabilities in black and white. Preparing a clear snapshot of what you own versus what you owe is the first step towards deciding how to tackle adverse financial circumstances.

Start with liquidating low-yield assets

Remember