This is a cartilage similar to the cartilage in the knee that is often torn and does not have an adequate blood supply to it. The reason it is causing discomfort is usually there is a flap of tissue that is flapping back and forth and causes irritation of the joint.
For this problem there are three modes of treatment; no treatment, conservative, and surgical.
Conservative treatment would consist of resting the wrist in a wrist brace or a cortisone injection. Usually anti-inflammatory medications and physical therapy is not beneficial.
If there is persistent pain despite conservative treatment, arthroscopic surgery with debridement of the tear to give the tear smooth edges is usually very successful. This can be performed under local anesthesia on an outpatient basis with two or three small incisions on the wrist. Occasionally, the cartilage can be repaired.