Federal Reserve chairwoman Janet Yellen caught markets unaware last week when she said that the Fed could start increasing rates from near zero about six months after the end of its bond buying program. But analysts say markets are getting increasingly used to the idea of rates going up.

“After the last Fed meeting, I think it was pretty evident there was a possibility that you may see rates go up quicker than people might have anticipated,” said Sadiq Adatia, chief investment officer of Sun Life Global Investment.  “So I think people are bracing themselves for potentially a rate hike in 2015, maybe a bit earlier than what was initially planned.”

Don’t be fooled.  Even if we have been singing this tune for 2 + years, now that the economy is clearly improving, the rate hikes are coming.  Take this opportunity to review what you owe, pay down as much as you can while rates are still low and plan for the upcoming higher rates payments. We will review this event next time we meet and see how it will impact you. Make sure to come in for your annual review.