Strapped for cash: Alberta cities have the most debt in Canada

Alberta’s economy is on the rise and according to a new report, the debt load for Albertans is not going anywhere soon.

Equifax Canada’s most recent Market Pulse consumer credit trends and insights report for Q2 2022 compared to last year has revealed that Alberta and its major cities have some pretty high debt loads.

You might also like:
• A "Small Town Alberta Starter Pack" has people chiming in about 'Berta towns
• Get spooked: DARK returns with new haunts at Fort Edmonton Park this October
• Alberta lottery winner "jumped with excitement" after her win

Topping the list was Fort McMurray with a staggering average debt of $36,640, followed by Calgary at $24,912, and Edmonton at $24,345.

The lowest average debt load for a major city was Montreal at $16,422.

Equifax Canada

When it came to each province, it’s no surprise that Alberta led Canada with an average debt of $25,056. Newfoundland came in second place, while Saskatchewan came in third.

Equifax Canada

“The cost of living has been increasing across Canada and indeed globally with rising inflation being seen across essentials like housing and energy as well as many other goods and services,” said Rebecca Oakes, vice president of Advanced Analytics at Equifax Canada, in a news release.

“Financial stress is becoming a very real thing for many more Canadians. Its impact on consumer credit is not just visible in day-to-day credit card spending, but also in other non-mortgage debt like auto loans and lines of credit, where balances are on the rise.”

Credit card spending is also reaching historic high levels according to the report, with the average credit limit on new cards at over $5,800, the highest it has been in the last seven years.