Tim Chen on the state of the consumer: "feels like a tale of two cities"

The state of the consumer feels like a tale of two cities.  We're seeing continued strength relative to historical norms in the prime and super-prime segments and definitely some credit deterioration in the near-prime and subprime space.  Credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion; mortgage balances rose to $11.92 trillion, auto loan balances to $1.55 trillion, and student loan balances to $1.60 trillion," The New York Federal Reserve Bank stated in its quarterly report on household debt and credit. "

~ Tim Chen, NerdWallet CEO, "NerdWallet CEO: US consumer health 'feels like a tale of two cities'," Yahoo Finance Live, February 17, 2023

("Credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion; mortgage balances rose to $11.92 trillion, auto loan balances to $1.55 trillion, and student loan balances to $1.60 trillion," The New York Federal Reserve Bank stated in its quarterly report on household debt and credit.)