Nearly half of debt-ridden Americans say control, not money, drives them to pay it off

A survey of 1,800 Americans carrying at least $10,000 in unsecured debt found that the biggest motivations for paying it off aren't financial. Forty-eight percent of respondents cited wanting to stop feeling stressed or anxious about money, and another 48% said they wanted to regain control of their finances — both ranking ahead of rebuilding credit scores (45%) and saving on interest and fees (44%), according to the Freedom Debt Relief and Money.com survey.

Beyond stress and control, 30% of respondents said improving their physical or mental health motivated them to pay down debt, and 12% said they wanted to reduce conflict with a spouse or partner. The survey found that the more debt someone carries, and the more separate accounts they're juggling, the more likely they are to cite emotional reasons over financial ones.

"Paying down debt is both a financial decision and an emotional one," said Mike Casey, a financial planner and founder of American Executive Advisors. "For many people, eliminating a balance creates a powerful sense of control and reduces financial anxiety." Planners cited in the survey recommend building a starter emergency fund of $1,000 to $2,500 before aggressively paying down debt, to reinforce that sense of control early on.