Some people may find they are working longer hours to get out of debt, while they are also spending a good chunk of their day worrying about what they owe.
According to a recent poll from DebtPlan.com and Survey Sampling International, Americans spend an average of 3.5 hours every day worrying about trying to get out of debt. The majority (54 percent) worry about what they owe between one to three hours, while 10 percent of respondents said they fret for more than 10 hours a day.
Carrie Coghill, DebtPlan’s director of consumer education, noted that worrying about debt can cause some people to feel as though there isn’t anything they can do.
"It’s an emotional, consuming issue – where many consumers don’t know what to do or where to start," Coghill said.
When faced with growing debt, one of the first things people could do is cut away at any unnecessary expenses and develop a home budget. If they find that their income can’t possibly cover what they owe, it may be time for them to seek alternatives, such as financial counseling.