Struggling with debt and keeping it to yourself? You're not alone.

A survey published by ASIC this morning has found 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Digging deeper, the ASIC Moneysmart survey noted despite struggling to make repayments, three in 10 Australians say they would not seek a hardship assistance arrangement from their bank or lender.

"In fact, Australians say they would rather sell their belongings and assets (42%) or get a second job (40%) before applying for financial hardship assistance," ASIC reported.

The primary causes of the squeeze are unsurprising — cost of living pressures, reduced income and unexpected expenses.

This stoicism in the face of financial difficulties has ASIC Commissioner Alan Kirkland worried.

He is urging people struggling with debt to directly seek financial hardship assistance from their bank or lender.

"Customers in hardship are entitled under the law to request assistance," Mr Kirland said.

"For many Australians, the path to seeking help feels daunting, confusing, and challenging.

"It is concerning that people would rather sell their personal belongings or get a second job rather than seek financial hardship assistance.

"If you are worried about being able to make your repayments, you're entitled to ask your bank or lender for help," Mr Kirkland said.

The survey was conducted among 1061 Australians in the 18+ age bracket last month and its key finding include:

• Lack of awareness of available assistance programs (37%), not knowing where to go for help (33%) and not knowing which sources to trust (31%) are the top 3 potential practical barriers.

• Anxiety and stress caused by hardship (51%), feeling shame or embarrassment (40%) and feeling of failure (40%) are the most common potential emotional barriers Aussies face.

• Almost all (96%) of those surveyed who experienced financial hardship, experienced negative side effects, including stress or anxiety (73%), loss of sleep (56%) or a decline in physical health or appearance (41%).

• Of those who would not seek hardship assistance arrangements from their lenders or credit providers, 50% worry it will cost them more in the long run, 32% fear it will negatively impact their credit scores and 31% don't think their lender would do much to help.