Now is the time to look at your debt and make a plan as interest rates continue to rise.

The Bank of Canada raised its key lending rate by a quarter of a percentage point this week, adding to the cost for those applying for a new mortgage or who carry a variable mortgage rate or credit line.

The President of BDO Debt Solutions and the host of Your Money, Nancy Snedden, says now is the time to take a serious look at the debt you carry and plan for the future.

Look at your debt-to-income ratio by dividing your total monthly debt obligations by your monthly income. If that is higher than 40 per cent says Snedden, then you may need some help.

Snedden says it’s also important to recognize the warning signs that your debt is becoming unmanageable.

She says people who are comfortable simply making minimum payments are only paying the interest and are not dealing with the debt. If you’re only able to pay the minimum, then it’s time to reach out.