The Big Coronavirus Credit Squeeze

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It's a conundrum: credit becomes harder to come by just as people need it the most. It happened during the Great Recession, and it's happening again now. Lenders are tightening their standards for credit cards, mortgages, HELOCs and home equity loans. They're worried about the increased risks of extending credit during the coronavirus crisis, with so many potential customers out of work or in danger of losing their jobs and defaulting on their obligations. Of course, losing your job is precisely why you might want to free up some cash by borrowing against your home equity. Learn more about the changing lending standards in today's edition--and if you anticipate having trouble paying your bills, contact your creditors and request accommodations before you skip a payment.   Best wishes, Elizabeth     P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE Worried About Your Credit Score? Here's How to Get the Best Rate on Your Mortgage    Some lenders are embracing credit score minimums. The Coronavirus Quarantine Can Be Hard on Couples. Here Are 5 Low-Cost Counseling Options   All are remote. Here's Why You Can't Call the IRS About Your Stimulus Check   Customer service is hard to come by during the coronavirus. RETIRE WITH MONEY COMMUNITY INSIGHTS This week in our Retire with Money Facebook group, members discussed an announcement last week by the Federal Reserve that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts. Previously, account holders were limited to six such transfers per month. This limit was tied to reserve requirements that the Fed lifted last month to help keep money flowing during the pandemic. I had known about the six-transfer limit, but I thought it was a bank-level rule--I hadn't been aware that it was from the Fed. As a member said, learn something new every day!   RETIREMENT NEWS FROM AROUND THE WEB John Krasinski Holds a Virtual Potluck With Martha Stewart & Friends   Learn how to mix a "quarantini" in the latest episode of Some Good News.  YOUTUBE Opinion: It's Likely You Own Too Little Stock in Your Portfolio   Most people have a robust "bond" portfolio in the form of Social Security, so you shouldn't be too conservative with your stock allocation. MARKETWATCH 'Over the Counter' Doesn't Mean It's Safe for You   A doctor explains what you need to know about dosing and possible drug interactions with over-the-counter drugs. NEXT AVENUE Here's How the Coronavirus Is Threatening Municipal Bonds   The cost of fighting the pandemic is expected to increase state and local budget shortfalls.  CNBC ABOUT ELIZABETH Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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