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Affirm stock offers fintech investors exposure to a unique business model that looks to displace traditional credit cards, but it's ultimately unsecured credit lines being offered to consumers. With interest rates at all-time highs, and consumers hitting record levels of revolving debt, is exposure to unsecured debt really something we want exposure to? When considering an investment in AFRM stock, pay attention to real operating income which is reported as non-GAAP. From that perspective, they're likely to achieve profitability a whole lot sooner based on their 44% gross margins as of last quarter. The demand for securitized loans may be drying up which limits their funding capacity, or they're just trying to keep more debt on a balance sheet. Either way, $AFRM stock is one we're avoiding going forward.

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