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Albertans worried about consumer debt

Albertans worried about consumer debt

Posted on: 4/23/2019 | Author: ATB Financial's Economics + Research Team

According to the MNP Consumer Debt Index that was just released, nearly two-thirds (64 per cent) of Albertans are worried about their ability to repay their personal debt. What's more, 48 per cent say they are either close to financial insolvency or “already don’t make enough to cover their bills and debt payments.”

With a Bank of Canada interest rate announcement scheduled for tomorrow, the MNP survey shows 57 per cent of Albertans “are concerned about the impact of rising interest rates on their financial situation, a higher proportion than any other province.”

According to Equifax, the average level of consumer debt (excluding mortgages) in Canada was $23,520 as of the fourth quarter of last year compared to $29,508 in Alberta. The average was a little lower in Edmonton ($28,863), a little higher in Calgary ($30,099) and more than $10,000 higher in Fort McMurray ($39,914).​

Average consumer debt in Canada, Q4 2018​​

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