Report shows Albertans most concerned about debt, interest rates
April 22, 2019 – Albertans are feeling worse about their consumer debt and personal finances than other provinces, according to the latest MNP Consumer Debt Index, Albertans’ perception of their debt situation has been on a gradual decline since interest rates first began to increase in September.
When compared to other provinces, MNP says Albertans are the most likely to be worried about their ability to repay debts (64%; +1pt), the most concerned (48%; +5pts) about their current level of debt, and the most likely to regret the amount of debt they have taken on in their life (51%; +1pt). They are also most likely to say an interest rate increase could move them towards bankruptcy (45%; -3pts).
“Albertans are maxed out right now and what makes the situation more alarming is that there is no real plan for paying back what they have borrowed. If the economy deteriorates further or interest rates rise, there’s going to be a significant number who will be forced into bankruptcy or insolvency,” says Donna Carson, a Licensed Insolvency Trustee with MNP LTD, the country’s largest insolvency firm.