Economic troubles in Alberta have been on the horizon for some time; now it’s beginning to show
Oil prices have been on a steady decline since mid 2014 so it’s no surprise that Albertans are starting to feel the pressure of a declining local economy. For the typical family in Alberta that works in the oil industry, or even works in a business that supports the oil industry that may mean a reduction in hours, a reduction in pay, or worse, a layoff. Ultimately this translates into less money coming into the household.
As the bills start to pile up, and the debt becomes unmanageable, due dates may be missed and consumers will fall behind. Equifax’s report on Consumer Trends confirms that and shows that Edmonton had the highest increase among Canadian cities. Consolidated Credit’s executive director Jeff Schwartz comments further on how that can happen.