Insolvencies and debt continue to rise in Alberta

Tight times for Albertans have been getting even tighter over the summer.

A new survey says 58 per cent say they’re now living within $200 of being unable to pay their bills and debt payments each month.

Also, over half regret the amount of debt they’ve taken on which is up seven per cent from February.

Donna Carson, licensed insolvency trustee with MNP Debt, says debt problems are hitting Alberta, Saskatchewan and Atlantic Canada harder than anywhere else in the country.

“In Alberta, our insolvencies are up year over year to the end of June, those are the last numbers that are out. They’re up about 36 per cent over last year.”

Nationwide, it’s only up four or five per cent.

Half of Albertans spent more than they planned on back to school, and a third overspent on summer vacations.

“Maybe a sign it could’ve been the stress, that we needed a little bit of a break from dealing with these things,” says Carson.

She adds it could also be a sign people need to do a better job budgeting.

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