News: APT Afterpay Ltd Says U.S. Sale Drove A 35% Increase In New Active Customer To Platform On..., page-66

Why change subject? I thought we are talking about bad debts? Why don't you look at Afterpay's bad debt in the midst of the pandemic, BEFORE there was any government stimulus?

https://hotcopper.com.au/threads/objective-analysis-bnpl-bad-debt-explained.5388454/

This thread explains it and also notes the commentary by Sezzle, Afterpay and Z1P at the depth of the crisis (It was around this time I threw my savings, kitchen sink and gf at Afterpay).

You're making vague and ill-informed comments without providing any anecdotal evidence, just an opinion. Which is odd because there is a lot of evidence out there that suggests your "theories" are wrong.