Albertans are the most likely in the country to rate their personal debt situation as terrible.
That’s part of new report by MNP, a personal insolvency practice.
The latest MNP consumer debt index also shows Albertans, at 55 per cent, are more likely to say they are already beginning to feel the effects of interest rate increases.
As well, Albertans are more likely to be in financial trouble if interest rates go up much more (52%), and more likely to be concerned that rising interest rates could move them towards bankruptcy (43%).
Forty-one per cent of Albertans are most likely to be within $200 of insolvency.
MNP President Grant Bazian said the most alarming thing is Canadians know they are vulnerable but still plan to amass more debt to cover basic living expenses.