Albertans have highest debt load in Canada, Equifax says
Consumer debt delinquencies jump 25% in province, 17% in Calgary
Consumer debt in Alberta has jumped 17 per cent. (Joe Raedle/Getty Images)
A study released this morning says consumer debt delinquencies in the province jumped 25 per cent over the same quarter last year.
But the nationwide delinquency rate didn’t change, and Equifax Canada says rates remain at historic lows.
“Despite the ups and downs of today’s economy we’re seeing that Canadians are generally able to manage debt and rein in spending when they have to,” Regina Malina, the senior director of decision insights at Equifax Canada, said in a release.
“It may be a surprise to some, but the fact is delinquency rates in the oil-producing provinces are still relatively low. Most people are still finding a way to pay back what they owe.”
Average provincial debt (excluding mortgages)
- Ontario: $21,072
- Quebec: $18,070
- Nova Scotia: $21,709
- New Brunswick: $22,107
- PEI: $21,483
- Newfoundland: $22,766
- Alberta: $27,576 25
- Manitoba: $17,913
- Saskatchewan: $23,941
- British Columbia: $23,040
- Canada: $21,458
Average debt in Calgary is $28,421 excluding mortgages, while Edmonton’s average debt is $26,479 compared to average consumer debt nationwide of $21,458.
The only age category to experience an increase in delinquency rates in the last quarter of 2015 was the under-26 group. The rate for that category rose 2.9 per cent.
“Debt is often used as a tool for consumers to accomplish their objectives. However, as people get older, their income earning capabilities generally trend downward,” Equifax said in a release. “To increase their financial security, Canadians should develop a plan to pay off their debt within a set timeframe.”
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