Just under half — 44% — of Americans feel stressed by debt and 36% feel overwhelmed, according to a survey by insurance giant Nationwide.
To help consumers, Nationwide is launching an app, Nimbl, that develops a plan to get a user out of debt on a timeline that fits their lifestyle and then helps them monitor their spending.
The app connects to users’ financial institutions to collect information on their spending and debts, then uses that information to build a budget.
Respondents to the Nationwide survey said that being in debt makes it hard to care about the future, is always on their mind and overwhelms them, the company said in a release. Respondents also said they don’t know what to do about their debt or who to go to for assistance.