Nerdwallet CEO talks earnings, says consumer is 'stretched'

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 rates and higher 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 their 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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[@user-gs2ih7bb2b]

Anything and everything would help right now. I’m uppper middle class but the inflation and high interest rates are hitting y. How ironic, higher interest rates to decrease inflation but in the meantime, middle class is being affected by both.

[@turbotoommyguns1971]

These times will be a test of will power, not side jobs. So many people have needed to learn how to cut extras from their expenses. It's now time to prioritize your paychecks.