Alberta
Consumer Proposal and Debt Solutions Across Canada
If you're living paycheck to paycheck and feeling the pressure from debt collectors in Alberta, we understand how overwhelming it can be. At Debt Insiders, we’ll help you find debt relief options that are tailored to you. Let us show you solutions the banks won’t tell you about.
Financial Challenges
Alberta, known for its energy-rich landscape, faces unique financial challenges largely tied to its dependence on the oil and gas sector. Fluctuations in global oil prices have historically had a significant impact on the province’s economy, leading to periods of boom and bust. For instance, when oil prices drop, Alberta often sees an increase in unemployment rates and economic uncertainty, which can affect everything from job security to housing markets. While many residents may benefit financially during boom times, the volatility creates a precarious environment for long-term financial planning and stability.
Additionally, Alberta’s taxation structure presents its own set of challenges. Although the province boasts no provincial sales tax, this has led to a reliance on oil revenues to fund public services. When those revenues decline, budget shortfalls can affect public sector jobs and the quality of services such as healthcare and education. Furthermore, the cost of living can be relatively high, particularly in urban centers like Calgary and Edmonton, which have been grappling with an affordable housing crisis. The combination of these economic factors creates a rollercoaster of financial uncertainty for Alberta’s residents, influencing everything from personal savings strategies to governmental policy decisions.
Debt Data Comparison
| Value | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 4,561,350 | 4,756,408 | 4% |
| Number of bankruptcies | 2,374 | 2,572 | 8% |
| Number of consumer proposals | 10,874 | 12,501 | 15% |
| Total number of insolvencies | 13,248 | 15,073 | 14% |
| Average bankruptcy asset amount | $72,226 | $74,032 | 3% |
| Average bankruptcy debt amount | $166,611 | $157,307 | -6% |
| Average consumer proposal asset amount | $127,357 | $149,085 | 17% |
| Average consumer proposal debt amount | $139,280 | $193,851 | 39% |
| Median after-tax income | $70,500 | $74,600 | 6% |
| Average debt amount | $25,051 | $24,234 | -3% |
Comparison of annual debt data in Alberta, Canada. Sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca.
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