\u0022Albertans are feeling more concerned about their debt than any other province,\u0022 said a licensed insolvency trustee with MNP
MNP released its quarterly Consumer Debt Index on Monday, showing large spikes in concern over personal debt levels and the effects of interest rate hikes. In many cases, the concern in the province exceeded the national level, though the rest of Canada is closing the gap.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Meanwhile, 67 per cent say they are feeling the effects of the interest rate increase and 66 per cent say they will be in financial trouble if interest rates go up more. Increasing debt continues to be a big issue for Albertans, with 35 per cent only able to pay the minimum balance on their credit cards, while 25 per cent borrowed money they can’t afford to pay back. As well, 19 per cent will borrow from friends and family , and 24 per cent will use savings to pay bills.
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