Quarter 1 statistics for 2016 counting the insolvency rate in Alberta have been released by the federal government. The number of Consumer Proposals filed in the province quarter-over-quarter rose by nearly 20% from 1532 to 1825. The year over year stats are stunning–consumer proposals from the first quarter 2015 vs. 2016 increased by nearly half. A 47.5% increasing in consumer proposals in Alberta can be blamed on the economic downturn faced in the energy sector, one of the the province’s primary industries.
There were 1,237 recorded consumer proposals in Q1 2015, and 1,825 in Q1 2016.
Total insolvency numbers for consumers and businesses (including bankruptcies) were up over 43%, comparing quarter to last year’s quarter.
The numbers in Calgary increased almost 24% over the same period. They were outdone by the provincial capital where a stunning increase of nearly 66%.
Quarter over quarter consumer proposals increased modestly to just under 10%.
If you’re struggling with debt and are thinking about your options, contact a licenced insolvency professional to learn more about your options. You can even put your current debt load in our free debt calculator to discover the best solution for your situation.