I remember an interview I did with a now-retired investment manager back in 2007. I was writing a profile about him—his start in the industry, investing philosophy, stocks and bonds. “If I looked at the stock market every day, I’d jump out the window,” he chuckled.

I feel that way about interest rates. If, in the last few years, I’d held my breath waiting for them to rise, I’d have passed out. But July 12 allowed me to come up for air, as that was the day the Bank of Canada (BoC) raised its key rate to 0.75 per cent—the first hike in seven years.

“We raised our key policy rate by 25 basis points, in the context of an economy that is approaching full capacity and with inflation expected to reach the 2 per cent target within the next year,” said Governor Stephen S. Poloz.

We’ve had almost two months now to get used to this higher rate, which will affect most Canadian consumers (if it hasn’t already done so) at some point. If you have a variable rate mortgage, for example, you’re going to pay a little more on those mortgage payments. If you have a fixed interest mortgage, you’ll be paying the same until your mortgage comes up for renewal. Same with lines of credit; they typically have variable interest rates, so get ready to add a few more dollars on your repayments.

As you’re reading this, we’re now a few days off from another rate announcement on Sept. 6. What will the BoC say? It’s anyone’s guess. It’s out of our control. The central bank is going to fix rates as it sees fit for the economy. And, whatever that fix is going to be, it will be impossible to avoid.

My best advice is don’t stress about it. But, if you do tend to worry about such things, try to do it on the ground floor.