The Invesco KBW Bank ETF (KBWB) has declined 15-16% from its highs due to fears of overexposure to private credit.
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Buy Now, Pay Later may DIE | Consumer is F**K'd
Meet KevinApr 15, 2026
The consumer is facing significant risks due to a confluence of factors including high oil prices stemming from the Iran conflict and issues within private credit markets. These pressures are impacting buy now, pay later (BNPL) services, potentially limiting consumer access to credit and exacerbating economic downturn fears. Companies like Affirm and Klarna are particularly vulnerable as private credit funds, which provide them with capital, face redemption requests.
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Affirm stock has fallen 50% year-to-date, and its access to funding is threatened by redemption requests at private credit funds like Stone Ridge Asset Management.
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AFRM
sell opened Apr 15, 2026
-27.21%