It comes after recent research by IVA.co.uk revealed 30% of people undergoing or facing up to an Individual Voluntary Arrangement have considered self harm or suicide.
Some 25% have turned to alcohol or drugs to cope, while 23% have considered leaving the UK to escape the debt.
And to mark National Stress Awareness Day, Steve Rees, the managing director of debt consultant Vincent Bond & Co, has offered his advice on how to stay financially afloat.
He said: "The key to not getting into the stressful situation brought on by overdue bills and unpleasant bank statements is to keep track of your balance and to account for everything you spend throughout the month.
"It’s easy to push your balance to the back of your mind. But facing up to your finances by keeping an eye on your balance and spending means you won’t be in for a shock when your bills arrive.
"It is difficult to make dealing with debt less stressful, but you can avoid the stress in the first place by being sensible in your financial management."
Research by AXA showed 87% of people have suffered from financial stress, with one in 10 experiencing this all the time.
The former teacher encouraged people with financial worries to talk with family, friends, a debt advisor or charities such as the Samaritans or Mind. National Stress Awareness Day – launched by The International Stress Management Association (ISMA) – aims to promote stress prevention in the UK.
By Andy Pearce