As Albertans struggle with mounting debt, many lack the financial literacy to integrate the changes they need to get on track – and even ahead of their debt.

As we head into the holidays, it's all too easy to watch the spending add up. Between holiday parties, decorations, groceries and gifts - the dollars leaving your account (or worse, going onto credit) can become overwhelming.

The question i have to ask is can i go bankrupt and keep my car. i have a truck and car...i want to get rid of the truck and all my other credit debt. thanks

Even while many Canadian consumers are struggling under a sluggish economy and increased unemployment, many were not deterred from sloshing into the snow to hit the stores for seemingly ‘once in a lifetime’ deals.

According to Statistics Canada, households in Canada had the highest debt level ever when measured as a portion of disposable income in 2015’s second quarter.

The data is in, but it’s not necessarily surprising. Insolvencies are on the rise as many Canadians grapple with the burden of unmanageable debt.

As Canadians struggle in a weakened economy, thousands are starting to bend under the weight of trying to make it from one financial obligation to the next. And what are we relying on to get us through the day-to-day expenses? Debt.

While the story of Bre-X certainly played out like a movie script, like most Canadian scandals, it garnered little interest outside of the mining industry south of the border, especially, almost 20 years later.

Based on current economists, Canada’s debt to income ratio has reached an all-time high of 163.3%. This means Canadians have $1.63 of debt to every $1.00 of earned income, the highest level ever seen on record. Canada is only 15% below where the United States was when they experienced serious financial despair.

Based on current economists, Canada’s debt to income ratio has reached an all-time high of 163.3%. This means Canadians have $1.63 of debt to every $1.00 of earned income, the highest level ever seen on record.