市场对贷款质量的担忧已超越私募信贷范畴，正悄然渗透至消费信贷领域。
上周五，尽管缺乏明确数据显示消费贷出现显著恶化，但消费信贷机构股价集体遭遇重挫。学贷美、线上借贷平台LendingClub与Upstart、先买后付服务商Affirm Holdings, Inc.，以及信用卡巨头美国运通、第一资本和Synchrony Financial单日跌幅均超过6%。
Jefferies消费信贷分析师在周四晚间报告中指出："投资者对信贷环境持续保持警惕。"尽管分析师承认金融科技机构整体信贷质量"保持稳定"，多数逾期率仍呈同比下降趋势，但改善速度的普遍放缓加剧了市场忧虑。另一重压力来源于贷款增速较去年明显放缓。
同日，VantageScore发布的CreditGauge追踪数据显示，今年1月各信用层级借款人的早期逾期率均急剧攀升，其中高净值"超优级"消费者的恶化幅度最为显著。需要明确的是，当前逾期率绝对值仍处低位——超优级借款人的早期逾期率尚不足0.01%。
VantageScore首席数字、数据与技术官Susan Fahy警示道："持续的成本压力与利率高企可能使部分消费者更易遭受未来经济冲击的波及。"至少部分投资者似乎认为这些风险并非遥不可及。
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