CALGARY- While many Canadians are working hard to pay off their loans, Albertans continue to carry huge debt loads.
A quarterly analysis of credit trends by TransUnion found the average Canadian’s debt excluding mortgages is $27,355. However, the average in Calgary is an astounding $37,920—second only to Vancouver where it’s over $40,000.
“I don’t think that’s surprising that Calgary has a high debt load,” says Cindy, a young professional in Calgary. “We are a young population, and a highly educated population, and that means we are carrying other kinds of debt. But, we also have a capacity in our career path to be paying down debt.”
Edmonton is third overall, with an average of $31,658 of debt, and was the only major city to experience a rise in debt greater than the national average.
TransUnion says they believe debt will only continue to rise throughout the rest of the year.
“While we saw a rise in total debt on both a quarterly and yearly basis for the nation, it is a positive sign that Canada’s largest metropolitan areas appear to be getting a better handle on their total debt picture,” said Thomas Higgins, TransUnion’s vice president of analytics and decision services. “Having said that, we still foresee a significant increase in average consumer debt through the end of the year. This rise is due to traditional debt patterns in the fourth quarter where more consumers take on debt during the holiday shopping season.”
The company’s analysis includes loan payments, credit card debt and lines of credit.
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