Nearly 50% of borrowers stress about their debts daily. Here's what to do about yours now.

The numbers don't lie: Debt-related issues are having a big impact on the stress levels of borrowers nationwide. About 47% of Americans currently worry about their debts every single day, a new study by JG Wentworth shows, and this type of stress appears to be impacting both their overall well-being and their finances. Case in point? About 50% of borrowers also actively avoid looking at their bank statements, according to the study, a move that can further complicate the financial hardships that borrowers are facing in today's economic climate.

What makes this debt crisis even more troubling, though, is how it feeds on itself. When people feel overwhelmed by their debt, they often respond by avoiding the problem entirely, which only makes the debt-related anxiety worse. And, the shame and embarrassment that often come with financial struggles can create a barrier to seeking help, leaving borrowers to suffer in silence as their debt continues to compound over time.

The good news is, though, that the cycle can be broken. And, it starts by understanding that even the heftiest amount of debt is typically manageable when you know the right approaches to take.

Learn more about the debt relief options available to you today.

What to do about your debt right now

Between today's still-high borrowing costs, rising living expenses and record credit card balances, it's easy to see why debt is weighing so heavily on people's minds. If you're one of the many who are struggling to pay off what you owe, these simple but effective strategies can help you tackle your debt problems for good:

Start with the debt causing you the most anxiety

Not all debts are created equal when it comes to the impact on your stress levels. Since credit card debt tops the stress charts, one approach to take is to tackle those balances first. The combination of high interest rates and revolving credit can create a perfect storm of anxiety, especially considering that the minimum payments required by card issuers will barely impact the principal. 

So, it may help to make a list of your credit cards, their balances and the related interest rates. From there, focus your extra payments on the credit card with the highest rate while maintaining minimums on the others. This approach can save you money and reduce your highest-stress debt the fastest.

Start on a path to becoming debt-free now.

Negotiate directly with your creditors

Your card issuer wants to get paid, and they're often willing to work with you to make that happen, especially if you're struggling to afford even the basic payments. If you're facing this issue, take time to call the customer service number on your card and explain your situation honestly. Many companies offer hardship programs that can temporarily reduce your interest rate, lower your minimum payment or even pause payments for a few months. But don't wait until you're behind on payments. Reaching out proactively shows good faith and increases your chances of getting help.

Consider debt settlement, but understand the risks

If your debt has become truly unmanageable, settling it for less than you owe might be an option. This typically works best when you're already behind on payments and have access to a lump sum or can save up enough to make a large payment on the accounts. You can take a DIY approach to this or work with a debt relief company on negotiations, but either way, creditors will often agree to lower your balance by 30% to 50% (on average) in return for that payment. It's important to understand, though, that settled debt can impact your credit score and may be considered taxable income, so you'll want to weigh these and the other consequences carefully.

Stop the shame spiral and get support

More than half of debt holders feel ashamed about their situation, according to the study data, but shame keeps you stuck in avoidance patterns. Those unopened bank statements aren't going anywhere, and pretending the problem doesn't exist only makes it worse. So, it makes sense to consider working with a credit counseling agency instead of ignoring the issue. A credit counselor can help you create a realistic budget and a debt payoff plan — and may be able to negotiate lower interest rates and fees with your creditors, making it easier to pay off what you owe.

Build small wins to regain control

The psychological weight of debt often feels heavier than the actual numbers warrant. You can combat this by creating small, achievable victories along the way. Set up automatic payments for at least the minimums so you never miss a due date. And, be sure to celebrate paying off individual debts, no matter how small they are. You may also want to track your progress visually with charts or apps that show your balances shrinking over time. These actions help rebuild your sense of control and momentum, alleviating debt-related stress while putting you on a path to getting rid of your debt.

The bottom line

Debt stress is widespread, and the numbers prove it: Nearly half of Americans worry about their debt daily, and many feel ashamed or avoidant about their financial situation. But this type of stress doesn't have to control your life. By exploring options like debt settlement or a structured management plan — and by getting professional help when necessary — you can move from feeling paralyzed to taking action. No matter how large or small your debt may be, the path forward starts with a single step toward taking back control.