Household consumer debt continues to soar in Canada and a new survey shows more than half of the people living in the province are barely making ends meet.

According to a MNP Consumer Debt Survey, 56 percent of Canadians say they are $200 or less per month away from not being able to meet their monthly financial obligations.

In Alberta, self-declared financial insolvency is the highest in the country (38 percent) and since February, there has been an 18 point increase in the number of people who say they are $200 or less from not being able to pay their monthly bills.

"With so many already feeling unable to cover their bills and debts, there is tremendous vulnerability to any kind of economic shock; the loss of a job, an emergency, a divorce, even things like a reduction in overtime pay or bonuses and especially an increase in interest rates," said Grant Bazian, President at MNP Debt.

35 percent of Albertans said they are already unable to pay their bills and debt obligations, which is an increase of 14 percent.

The number of Canadians who say they are concerned about their current debt situation has increased almost 10 percent over the last six months, to 52 percent, and half say they regret the amount of debt they have taken on.

In Alberta, 53 percent say they are concerned about their debt and the same percentage says they are experiencing growing regret about the debt they are now faced with.

"It's actually positive to see that a growing number of Canadians are concerned. Many households have come to rely on cheap credit in order to cover expenses but we can't continue to be comfortable taking on more credit to finance a lifestyle we can't afford," said Bazian.

People are also worried about interest rates and 38 percent say an increase could push them into bankruptcy, which is up 7 points since the beginning of the year.

The survey, which is part of a semi-annual poll designed to track Canadians’ feelings and perceptions about debt, was conducted by Ipsos between September 6th and 12th from a sample of 1502 Canadians.

For more on the survey, click HERE.