Alberta is still deep in debt, but some say there’s nothing to worry about?
Alberta continues to lead the country when it comes to average consumer debt at $37,278 for non-mortgage debt, and Calgary is even worse at $38,438. Although this isn’t as bad as it may seem according to TransUnion Canada. The higher debt, isn’t necessarily because Albertans are big spenders, but rather, it may be due to coming out of a difficult economic time for the province. In addition, consumers are getting better at paying down their debt loads as indicated by the reduced delinquency rates. As the economy continues to recover, it is expected that we’ll see these debt levels and rates reduce further.
“Albertans continue to rack up their credit card and other debt. But as Globals Tomasia DaSilva explains, one credit reporting agency says consumers are also getting better at paying it back.”