Seniors' debt a growing concern, says Alberta credit counsellor

Whether it's the cost of groceries, utility bills, pump prices, or rising interest rates, Calgary credit counsellor Shari Thiel says something has caused more seniors to fall into debt and reach out for help in recent months.

Indeed, Thiel said she put an 80-year-old woman on a debt repayment program because she was in debt and feared losing her home after a creditor came after her.

"It is all difficult when people are stressed and suffering because debt and mental health are so related, and then physical health, (but) for me, I find the seniors the saddest," said Thiel, a credit counsellor Money Mentors. "This is not what they expected."

Thiel said the not-for-profit agency was busy pre-pandemic. 

But during the pandemic, she said, demand for their services slowed as people eased up on their spending and credit agencies started offering deferrals.

As things return to normal — and some creditors become less willing to work with clients — she said demand for their services is picking up again.

In the past couple of months, the agency has been getting more calls from seniors, especially those on fixed incomes, to help them get back on track.

"We need to sort out assets and debts and income and explore options that they have available to them, make recommendations and sometimes gently guide them to understand what those options are, and what might happen, and some potential changes in their life that they might have to make," said Thiel.

Some seniors who spoke with CBC News at the Kerby Centre, a seniors resource centre in downtown Calgary, talked about the choices they make regularly to keep themselves out of debt and on budget.

Calgarian Joan Anderson, 77, is on a fixed income and said she seeks out places that offer inexpensive services for seniors. 

"You make sure you are aware of what's happening in the community to help you and to bring along your neighbour who might need it also," said Anderson.

Anderson said she sold her vehicle last fall because it was costly to gas up and maintain.

Now, she said she walks or takes transit everywhere, and looks for free events to attend.

"Otherwise you sit in your little apartment day after day, bored, or knit," said Anderson.