Consumer is ‘stretched’ under current rates: NerdWallet CEO

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NerdWallet (NRDS) reported mixed first quarter earnings, beating expectations on the top and bottom lines but falling short of estimates for credit card revenue. NerdWallet’s CEO Tim Chen joins Wealth! to discuss the consumer environment and the factors influencing the company’s performance.

Chen highlights that the March 2023 banking crisis has led to more conservative approaches by banks, resulting in elevated delinquency and interest rates. He states that this dynamic “has made it less attractive” for consumers to borrow and for banks to lend, ultimately putting pressure on the credit card business.

“To state the obvious, the Fed is between a rock and a hard place in terms of helping consumers with inflation remaining high,” Chen told Yahoo Finance.

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Editor’s note: This article was written by Angel Smith

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