Roughly one hundred sixty-three million coronavirus stimulus checks—with a value of more than $380 billion—have been sent out so far as part of the third round of direct payments under President Joe Biden’s American Rescue Plan.

While it is known that many Americans are spending the much-needed cash on groceries, rent, mortgage, and other monthly bills, it now appears that many individuals are tapping into the funds to settle outstanding debt, according to a new report by LendingTree.

Its research revealed that in March, only 19 percent of Americans admitted that they were using the latest stimulus checks for basic expenses—and a whopping 50 percent were tapping into the checks to pay down debt.

“Paying down debt should absolutely, positively be a priority for folks who are struggling with debt,” Matt Schulz, chief credit analyst at LendingTree, said in a statement.

“People should continue to put stimulus money, if they can, toward paying down high-interest debt like credit cards,” he added.

For comparison, in June 2020, when the first round of stimulus checks began landing in bank accounts, just 16 percent of respondents reported that they planned to use the stimulus to take care of debt—representing a thirty-four percentage-point increase from last summer to this spring.

“That’s a huge difference, but it’s a good thing,” Schulz noted.

“Nine months ago, most Americans were terrified and had no idea what the future held, so they focused on basic expenses and building up savings. Fast-forward nine months, and things have changed a lot. Repeated stimulus and reduced spending means people have more cash in their pockets, and that—combined with the hope spurred by widespread vaccinations—has given them the luxury of paying down debts instead of solely squirreling away cash,” he added.

Despite the fact that many are still hampered financially due to the virus, Schulz believes that a “surprising number of Americans will emerge from the pandemic in far better financial shape (than) most anyone would’ve predicted.”

Other polls have suggested that many Americans are still relying heavily on stimulus funds to meet basic everyday needs. According to a survey conducted by Bankrate, it found that a majority of the stimulus funds continues to be spent on groceries, rent, and mortgage. In addition, only 13 percent of respondents said that they will use their checks on discretionary purchases, such as eating at restaurants or taking a vacation.

And according to a separate research from the financial services firm TransUnion, about four in ten Americans are still continuing to experience income loss compared to before the start of the pandemic.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.