'Don't panic': Financial experts say interest rate hike won't break the bank

Financial experts say most Calgarians won't feel much pain as the Bank of Canada hikes its key interest rate to 0.75 per cent, the first increase in seven years.

"It's not going to have anywhere near the impact that a lot of people are afraid it will," financial advisor and educator Tammy Johnston told CBC News on Wednesday.

"If people are dealing with a variable rate mortgage or a line of credit, for $300,000, it is only going to increase their monthly payment by $37. While nobody wants to pay more, that isn't that much."

Johnston says, perhaps more importantly, consumers need to take a hard look at their monthly bills to find far greater savings.

"I can still have the lifestyle I want but reduce my spending on things that I don't want, don't need or wasn't even aware of," she said.

"That is a better long term strategy than getting all worked up about interest rates."