A survey conducted for MNP at the beginning of March shows almost half of Albertans are worried about consumer debt.  A Licensed Insolvency Trustee with the group says, if the survey was conducted now, a lot more people would likely be stressed out.    

The survey is conducted quarterly by Ipsos-Reid on behalf of MNP.  At the beginning of March, it showed 48 percent of Albertans were losing sleep over the level of consumer debt they were carrying.  In addition, six out of ten Albertans were $200 or less away from not being able to pay their bills each month.  Both figures are the highest MNP has seen since they began doing the tracking in 201, and the highest of any province in the country.  The figures were also before many of the massive layoffs had taken place, as non-essential businesses shut down over fears of helping spread COVID-19.  

Vicky Samuels says if that survey were taken now, it would probably show the number of Albertans with fears about their debt level had jumped.  "I think if we took that survey now with COVID-19 impacting more people in so many places.  I think the concern would be higher if we did the survey today."

The survey also indicated that Albertans are likely to say that they aren't confident in their ability to cope financially with a loss in employment, change in wages or seasonal work without going further into debt.

While it may seem difficult to put any kind of positive spin on the worry and sleepless nights over what may seem like insurmountable debt problems, Samuels says there is a way to get support, if you go through the right channels.

"If people were already concerned about their debt levels and they're recently lost their jobs, know that there's a system in place to deal with that," explains Samuels.  "As Licensed Insolvency Trustees we can assist with providing protection from creditors, through filing a proposal or even a bankruptcy process.  There's rules and regulations in place to help people deal with their debt."

Samuels says this is an unprecedented time as banks and other financial institutions, utility companies, municipalities, the provincial and federal governments are all trying to find ways to help people to get through this current crisis.  "COVID-19 has definitely put us all in a situation where we're concerned about day to day finances and day to day health, and how it's impacting our families, says Samuels.  "This is a different scenario than we would typically be dealing with."

Samuels suggests keeping on top of the news for any financial assistance that may be available to you.  "New programs and benefits are being offered all the time."  She also tells everyone to reach out to financial institutions for options on deferring mortgage or loan payments, skipping payments and reducing interest rates.

211 Alberta is the Community and Social Services Help Line that Samuels says is a good resource for what options and services are available to you.