Debt is a concern for everyone, but in the last year, the percentage of Albertans concerned about their current level of debt has risen by a record 12 points.
Two in three (67 per cent) Albertans say they are already feeling the effects of the increased interest rates; 67 per cent is 4 points more than last year.
As Albertans continue to adjust to post-pandemic life, they are finding that the impact of COVID-19 is continuing to linger on their finances.
Licensed Insolvency Trustee with MNP, Vicky Samuels said that the while the pandemic may be over, Albertans and Canadians are not dealing with another financial struggle – record inflation.
“We are seeing right now that 61 per cent of Albertans are saying their clothing and other household necessities are becoming less affordable, similar trends with housing, similar trends with transportation and generally feeding themselves and their family is less affordable right now.”
There are many who are now spending almost all their income each month and are struggling to maintain their standard of living, which is why they have taken on more debt in order to get by.
Debt is a hard topic for many people, but Donna Carson, a Licensed Insolvency Trustee with Alberta-based MNP said that people should seek out help before their debt situation gets worse.
“With the holiday bills arriving this month, I encourage Albertans to be aware of the financial red flags that may point to the need for guidance from a debt professional,” Carson said. “Anyone who is unable to pay their bills and debt obligations or anticipate they will miss payments, or who plans to use other forms of credit to cover bills, should seek help from a debt professional like a Licensed Insolvency Trustee right away before the problem gets worse.” says Carson.