Rising Cost of Living Primary Driver of Emerging ‘Phantom Debt’: Economist

Phantom debt, a rising financial phenomenon, involves consumers making immediate purchases with small, zero-interest loans and deferring payments. Companies like Klarna and Affirm facilitate these transactions, but the financial products are under scrutiny for potentially circumventing consumer finance regulations. NTD discussed this emerging trend with Vance Ginn, former Chief Economist at the Office of Management and Budget.