We carry the highest debt than any other city in the country.
According to a new report by Equifax Canada, the average non-mortgage debt in Fort McMurray in the fourth quarter of 2017, was $38,359. This is a slight increase from the first quarter where residents, on average, had $37,345 in debt.
Fort McMurray is on trend with the rest of the country as the report shows, nationally, consumer debt levels are on the rise with Canadian consumers owing an average of $1.8 trillion.
“Despite the high debt, mortgage payments are generally on time, which could be attributed to low unemployment numbers and mortgage and auto finance interest rates which are still at historically low and reasonable levels,” said Regina Malina, Senior Director of Decision Insights at Equifax Canada.
Those between the ages of 18-25, in the 4th quarter of 2017, recorded the least amount of debt – with 46-55-year-olds carrying the highest average debt load.