A local insolvency trustee is offering some advice to mortgage holders feeling the pinch after the Bank of Canada increased the prime interest rate a full percentage point this week.

The Bank of Canada has been steadily raising rates in an attempt to quell inflation rates that are the highest seen in three decades.

Insolvency trustee with Janes and Noseworthy, David Buckingham, says even those with a fixed mortgage can expect to see a jump in monthly payments when it’s time to renew.

He says the key is to set a budget and stick to it.

Going back to basics is key says Buckingham. Having a house that is within your means is also important. Even though interest rate increases will hurt, if your mortgage payments are within your means, then you won’t have to worry.