So Mark Carney’s message to the masses this week is “Don’t panic!” The Bank of England governor is not about to raise interest rates any time soon.

The collective sigh of relief is audible. For some people this is reassurance that they have some time left to sort out their finances. For others it is a lifeline.

What to do now? Not nothing! Prepare for an interest rate rise to ensure that you are not vulnerable when the era of record low interest rates finally comes to end. And it will come to end! Don’t bury your head in the sand and pretend it is never going to happen.

Get as much advice as possible in this grace period. Speak to your financial advisors and mortgage brokers to ensure that you have the best possible deals on the market and that you are not overexposed by debts. You can also get free advice from the Citizens Advice Bureau.

Taking action now can prevent a painful fall in the future.

Remember the stress when you thought an interest rate rise was imminent? Did you get away with reckless spending by the skin of your teeth? Now is the time to put your finances right.