If you’re having a hard time keeping up with paying off your credit card you’re not alone.
A new study shows the impact that the lowered price of oil is having on credit card delinquencies in Fort McMurray.
Author of the study, Jason Wang, tells 660News in Calgary that “if lenders do not take proactive measures, there could as much as a 60 per cent rise here in Alberta and double-digit delinquency rates in Saskatchewan.”
Trans Union claims that the number of people paying no more than twice the minimum has jumped by 10 per cent.
A delinquency rate jumping to 60 per cent has happened before in 2008 when oil was around $30/barrel. It took two years for the rates to recover, and it’s likely that will apply this time around with a moderate recovery around 2017.
With files from 660News
