Alberta Leads In 'Personal' Loans

Shamefully admitting the fact that she has unpaid personal loans isn’t easy but this personally indebted Calgarian isn’t alone.

Carolyn, too embarrassed to give her last name, owes over $5,000 to friends and family, some debts dating back as far as 10 years ago.

“Well, I try and pay them all back, but I know some need it more than others and I try to pay them back first. I feel bad but it’s hard to catch up once you owe even one person,” she said.

A survey released by Investors Group yesterday showed that 72 per cent of Albertans have borrowed between $500 and $5,000 from a friend or family member. That is the highest in Canada, but 26 per cent of Albertans said they haven’t been fully paid back.

“Everyone has the best intentions when it comes to helping out a loved one, especially if there is an urgent need or emergency,” Investors Groups spokesperson Debbie Ammater said.

But Ammater said unpaid personal debts can strain those important relationships. “Some may give in to feelings of obligations against their better instincts,” she added. 

Source: http://www.metronews.ca/calgary/local/article/163784