Whie many Americans are still recovering from the financial impact and uncertainties of the Covid crisis, many have prioritized wiping out debt, according to Northwestern Mutual’s 2021 Planning & Progress Study, which shows that debt among U.S. adults has dipped by 20% since 2019.

The study found that American adults hold an average debt of $23,325, excluding mortgages. That compares to $29,800 in 2019 and $26,621 in 2020. The survey, which included 2,320 American adults, was conducted by The Harris Poll in March.

Americans are putting a third of their monthly income on average toward paying off debt other than mortgages, the study found. Aside from mortgages, the top source is credit cards bills (19%), which accounted for more than double any other source including car loans (8%), education loans (7%) and home equity or lines of credit ((4%).

The study found that while Americans are focusing on decreasing debt, they also have had to hold off on pursuing other financial milestones. Twenty-nine percent said they have had to delayed making significant purchases; 18% have delayed saving for retirement; 14% have deferred buying a home; 8% have put off having children; and 7% have postponed marriage. Furthermore, 78% said that debt has impacted their ability to achieve long-term financial security.

But there are positive indications that people are looking ahead to manage and reduce their debt, the study noted. It said two-thirds (66%) of those with some debt indicated that they have a specific plan to pay it off and have a timeline for doing so. That includes 45% who expect to be in debt for one to five years; 20% for the next six to 10 years; and 14% between 11 to 20 years. On the other hand, 9% don’t see a way out and indicated that they will be in debt for the rest of their lives.

“The latest numbers show steps in the right direction compared to previous years, but we continue to see debt hindering many Americans from having the financial freedom to make other important decisions in their lives,” Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual, said in a statement. “Having a plan of action to manage debt and stay on top of payments is critical to achieving future financial goals.”