Things looked like they were coming up roses for the oil and gas sectors of Canada when world oil prices went up to $120.00 per barrel mark. But those roses had thorns apparently, when prices dropped to $27.00 per barrel.

Now the reality of the economic situation has hit hard to many Southern Saskatchewan residents.

Equifax Canada is saying that delinquency rates are climbing in oil producing provinces, mainly due to the massive layoffs in the oil industry.

Saskatchewan is reporting a 22.7% increase in its delinquency rate, while Alberta is topping out the list with an increase of 40.3%. Newfoundland and Labrador seem to be the lucky ones as their rates have only increased by 19.4%.

World-wide oil prices have now found a new stable mark around $50 per barrel. This doesn't mean that we are out of the woods yet, but the oil and gas sector should start to see a slow recovery. In the mean time, delinquency rates will be watched closely over the next quarter to see if the worst is over.