"The big headwinds for consumers are price inflation and higher interest rates. And inflation could erode the excess savings consumers accumulated through the pandemic, especially if price increases continue to run ahead of wage growth," said Capital One CEO Richard Fairbank on the company's earnings conference call Thursday.

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Higher rates also would likely "push up" how much it costs for consumers to pay interest on their monthly bills, Fairbank added.

"The big headwinds for consumers are price inflation and higher interest rates. And inflation could erode the excess savings consumers accumulated through the pandemic, especially if price increases continue to run ahead of wage growth," said Capital One CEO Richard Fairbank on the company's earnings conference call Thursday.

*

Higher rates also would likely "push up" how much it costs for consumers to pay interest on their monthly bills, Fairbank added.