You could use your tax refund to pay off debt — but should you? 4 questions to ask yourself

Twenty-three percent of Americans are debt-free, leaving a large swath of the country saddled with credit card balances and student loan burdens, among other forms of debt, according to the Federal Reserve . If you get a tax refund — or any unexpected cash infusion — you may think it's a no-brainer to use some or all of that money to pay off debt. While there are many situations when that is the right move, there are several circumstances in which you should consider putting the money elsewhere before turning to debt. The decision depends on your financial situation and your type of debt. Here are some questions to ask yourself before putting that extra cash toward debt and tools for taking next steps. Talk to us Are you living paycheck to paycheck, or do you have a financial success you're comfortable sharing with a reporter? Please fill out this quick form . What is the interest rate on your debt? If you have high-interest debt, you should prioritize paying that off with any extra cash you may have, certified public accountants previously told CNBC Select. This includes debt that charges rates above average, such as mortgage and federal student loan rates. If you have high-interest debt — debt that has a rate higher than an average mortgage rate or federal student loan rates — you should prioritize paying that off with any extra cash you may have, certified public accountants previously told CNBC Select. …