When it comes to managing their money, Americans overwhelmingly prefer to pay down their debt versus saving. At least that what survey results from one personal finance organization recently revealed.

The survey, conducted by the National Foundation for Credit Counseling, revealed that an overwhelming 89 percent of Americans prefer to pay down debt when presented with the funds to do so, while the remaining 11 percent would stash their extra cash in a savings account. The survey questioned more than 2,900 individuals during the entire month of August through the organization’s August Financial Literacy Opinion Index.

According to the NFCC, the savings rate typically rises during times of economic difficulty and decline during good economic times as more consumers are willing to spend.

The ability to borrow has resulted in credit becoming the new piggy bank, with more Americans unable to save funds have begun using credit cards to cover unexpected expenses during hard economic times. In fact, many Americans acutally feel that saving is unnecessary according to NFCC spokesperson Gail Cunningham, who commented in a Monday statement released by her organization.

“People often debate which is more important, to be debt free or to have a robust savings account, and the answer is both,” said  Cunningham in a statement. “As important as it is to handle debt responsibly, the truth of the matter is that the unplanned emergency is inevitable, and savvy consumers will recognize this and prepare for it.”

Read more: Why Credit Cards Are the Most Popular Emergency Funds

The NFCC suggests that there are five major savings areas most Americans focus on over the course of their lives:

  • Rainy day fund: Ths sort of fund helps cover everyday life emergencies like home and vehicle maintenance, and smaller medical bills
  • Income replacement account: This sort of fund is crucial in the event of sudden job loss, major medical emergencies and the like
  • Downpayment for a mortgage: The higher the amount of money in this fund, the less you’ll need to borrow to purchase a new home
  • Retirement: You’ll want to eventually stop working one day, and the bigger this fund is the more comfortably your post-working years will be

If you’re struggling to grow your savings funds then make sure to click the link below for more tips on how to successfully save.

Read more: How to add to your emergency savings account

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  • I think it is really important to save money AND pay down debt. But if I had to choose either one, I would pay down my debt after having a small emergency fund of $1K-$2K. The question I have though is if the majority of Americans are in favor of paying down debt with their extra money, why are so many of us still in debt?