How much debt the average Albertan has, according to Equifax
A new report from Equifax Canada suggests the average Canadian has $22,147 in non-mortgage debt.
Albertans have the second highest debt nationally at $24,659.
Newfoundland takes the top spot at $25,174.
'(If) we look at the age ranges in Alberta, you tend to have more individuals in what we call the 'peak credit usage age range' – 36- to 55-year-olds,' said Rebecca Oakes, Equifax Canada. 'They tend to be using the credit the most because you've kind of established things like your own home, maybe you've got lines of credit, maybe an auto loan. Because there is just a higher percentage of consumers in Alberta that fall into that age range, that's one of the reasons why we see that average amount a little bit higher.'
Calgarians are below the provincial debt average at $24,254.
Those living in fort McMurray are way above at $37,609.
The report also finds non-mortgage holders and those under the age of 36 are experiencing greater financial stress.
Oakes blames that on a slow job market and the rising costs for groceries, cars and housing.
'Money is not just about dollars and cents, it's about your feelings towards it,' said Stacy Yanchuk Oleksy, Money Mentors CEO. 'Debt can create a lot of anxiety and stress for us.'
If you don't have a manageable plan to pay down your debt, she suggests asking for help.
'If you don't have a plan, then it's time to form one. You can do it in two ways: you can do it yourself or you can come chat with us, nonprofit credit counselors who are available to help create a budget that is manageable and sustainable,' said Oleksy.
More Albertans are missing credit payments – and they aren't alone, according to the report.
Equifax Canada found 1.4 million Canadians missed a payment in the second quarter of the year. That's up 118,000 year-over-year, but a slight drop from the first quarter.
A full breakdown of the Equifax Canada report can be found online.
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