> Affirm

A credit firm whose customer base is primarily folks who have to finance their small ticket item purchases in order to afford them is going to have a tough time in a rising interest rate environment. Their margins will compress as their cost of capital rises, and their default rate will rise as their borrowers slowly approach insolvency in a recessionary environment. I would be cautious about investing in anyone who is lending to borrowers who don't have sterling credit and/or strong balance sheets and durable cashflows this late in the cycle.