\u0022Albertans are feeling more concerned about their debt than any other province,\u0022 said a licensed insolvency trustee with MNP
MNP uses the index as a barometer of financial pressure or relief for Canadians. The index posted its lowest rating in the five-year history of the monitoring tool at 77, a 15-point drop since October. The previous low was 87.Article contentAccording to the survey, completed by Ipsos, 52 per cent of Albertans — a 12 point increase since October — said they are concerned about their current debt level, and 58 per cent — up eight points — regret the amount of debt they’ve taken on.
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.The report said Albertans are most likely to say clothing and household necessities and housing are becoming unaffordable. Meanwhile, better prices at the pump led to slightly improved data, with 53 per cent saying transportation and 55 per cent saying food is less affordable.
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.
However, Carson said Albertans are getting better at dealing with debt, with only 42 per cent now saying they are within $200 of not being able to meet their financial obligations each month.Gas prices have improved, but underlying contributors still causing inflationary pressureArticle content Carson noted the data was collected by Dec. 1 and the numbers do lag, so the next couple of months will shine light on the effects of the holidays, and if the return to aThe inflation picture will also become more clear on Tuesday when the Consumer Price Index is released.
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