According to a recent national survey, Albertans are having more difficulty managing their debt than any other province.

The report by MNP shows that 59% of those who responded in Alberta worry that rises in interest rates will impact their ability to pay off their debts.

A report says Albertans are having the most difficulty repaying their debts

Donna Carson, Insolvency Trustee with MNP in Airdrie says it’s more than just the rise in interest rates that are hurting consumers in Alberta.

“It could have been spending issues years ago or it could have been a business maybe in the last couple of years that hasn’t survived the economy because we are, unfortunately, seeing a little bit more of that.”

Atlantic Canada fell second to Alberta in the survey as many of the respondents say their current debt situation is either worse or terrible.

Carson says there’s one group, in particular, that’s really feeling the pinch.

“I would say that we are seeing more small business owners that unfortunately, the economy hit them. We see business owners all the time but I would say that would be a more common thing we’re seeing right now.”

Unfortunately, Carson says that MNP sees a lot of Senior Citizens who are having trouble managing their debts as well.

For many Albertans, unexpected expenses such as car repairs are likely to put them over the edge and unable to repay debts.

Carson says one of the ways to help with managing debt can also be one of the most difficult.

“I think also tied in with that is the education side of budgeting and planning ahead and planning for three to six months of emergencies.”

The information was taken from an Ipsos-Reid survey as part of MNP’s quarterly Consumer Debt Index report.

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