Four in ten Albertans have little wiggle room to pay down debt: survey
Posted May 9, 2017 11:01 am.
This article is more than 5 years old.
Albertans could use a crash course in financial literacy, according to a new survey.
More than half of us are concerned about our current level of debt, and two out of three Albertans are less than very confident in their ability to stick to a budget.
Donna Carson is a licensed insolvency trustee with MNP LLP.
She said a lot of people in the province are getting back to work after layoffs, but their challenges aren’t over.
“A lot of them are not at the same levels of either hours or income,” she said.
It means old debt is sticking around.
Carson says about half of Albertans are regretting how much they owe — and 40 per cent are close to the edge.
“(They are) less than $200 away from being unable to pay their debt.
Carson said forming habits is key to balancing a budget, and it doesn’t hurt to brush up on understanding of things like compound interest and credit ratings.
