Albertans may be preparing for the worst, according to a new survey that shows debt levels dropping in the province.

A report from credit agency TransUnion published Thursday shows average consumer non-mortgage debt was $27,712 in Calgary and $23,907 in Edmonton, in the first quarter of 2015. Calgary’s average is down 2.59 per cent from a year ago, while Edmonton is off 2.05 per cent.

“We have been observing a de-leveraging trend in the two major cities in Alberta for several quarters,” said Jason Wang, TransUnion’s director of research and industry analysis in Canada. “These findings suggest that Albertans may be preparing for a localized economic slow down caused by the oil slump, and some of them have likely reduced spending due to job losses. We are keeping a close eye on this region.”

Albertans still remain among the most indebted in the country. By comparison, the average Torontonian had only $19,802 in consumer non-mortgage debt in the first quarter, up 1.17 per cent from a year ago.

Nationally, average balances were up slightly to $20,785 in the first quarter of 2015, from $20,754 a year ago. Two years ago, the average Canadian non-mortgage debt was $20,814.

Transunion finds Canadians are increasingly shifting their debt to lower interest-rate products such as installment loans with balances in the first quarter up more three per cent from a year ago.

Delinquency rates, which includes accounts not paid for 90 days or more, saw a 15 per cent drop for installment loans. Only 3.2 per cent of all installment loans were delinquent in the first quarter, down from 3.75 per cent a year ago.

“Installment loans have long been valued by consumers because their lower interest rates make it easier to purchase high-end items such as living room furniture or new kitchen appliances,” said Wang.

TransUnion also took aim at commentators who suggest Canadians have a major debt problem based on the record ratio of household debt- to-income. The agency maintains the debt-service ratio, the ratio of a consumer’s after-tax income to the cost of maintaining debt and housing, is a measure that needs to be carefully considered to determine financial health.

The credit agency took a look at Oakville, Ont., an affluent suburb west of Toronto with some of the highest consumer credit balances in the country. The average Oakville resident has an outstanding balance of $31,901 on non-mortgage debt, yet a delinquency rate of just 1.37 per cent.

“Oakville is part of the Halton region, which according to Statistics Canada has the highest average household income in the (Greater Toronto Area),” said Wang. “Consumers in this area are able to maintain greater debt loads while consistently making more on-time payments than other neighbourhoods, thereby demonstrating that delinquency rates and debt-service ratios are also key factors worth considering.”