Many Albertans Just $200 Away From Financial Ruin

As the oil and gas industry continues to drag, thousands of Albertans are struggling through a period of significantly high unemployment. The province’s recession is not showing any signs of letting up as it leads thousands of consumers into financial instability and in many cases, insurmountable debt. In fact, MNP’s Consumer Debt Sentiment survey shows 58 per cent of Albertans would be unable to cover their bills and debt payments if there was just a $200 shift in their finances on a monthly basis. That leaves thousands across the province in a position of tremendous vulnerability to any kind of economic shock. If you’re reading this and it feels a little too close to home, the good news is, there are options. It might be time to seek out the advice of a financial advisor or Licensed Insolvency Trustee to discuss what routes are available to get you back on track and working towards financial security.

The MNP Consumer Debt Sentiment Survey was conducted by Ipsos Reid on behalf of MNP. The Calgary Herald recently covered the survey in an article originally posted online on September 28, 2016.