A record number of Albertans are concerned about being able to manage their debt

The number of Canadians facing insolvency has hit a record high, with more than a third (35 per cent) saying they cannot meet their financial obligations.

The number of Canadians facing insolvency has hit a record high, with more than a third (35 per cent) saying they cannot meet their financial obligations.

Albertans are expressing the most concern, with 72 per cent saying they are now more concerned about their ability to pay their debts.

That marks a 21 per cent increase over the last quarter, setting an all-time record.

Those figures are included in the latest Consumer Debt Index, released by Alberta-based MNP Ltd., Canada's largest insolvency practice.

"Weighed down by inflation and higher interest rates, a record number of Albertans are concerned about being able to manage their debt as interest rates rise," says Donna Carson, a licensed insolvency trustee with MNP.

"The increasing strain of household bills and food prices has heightened their financial anxiety, further compounded by the escalating interest costs, especially for those who were already saddled with mounting consumer debt."

More than half (56 per cent) of Albertans say they regret the amount of debt they have taken on in their lifetime, and close to three-quarters (74 per cent) say they are feeling the effects of rising interest rates.