Now that your economic stimulus check is in the mail, what do you do with it once it’s in hand?

Want to stimulate your own finances? Consider using your rebate to pay down debt or to refinance. You may have to shelve plans for a vacation or a big-screen television. Yet it might get you back on a savings track and lower your monthly debt outlay.

Still smarting from the bursting of a credit bubble, American consumers may be in the mood to take care of some bills. Four out of 10 Americans polled said they would use the rebate to pay down debt, according to a Zogby International survey commissioned by TransUnion’s TrueCredit.com, a credit-rating service.

Only 16% of those surveyed said they would spend the rebate on “something they consider necessary.” Some 20% said they would save it.

Although I’m always skeptical of such surveys — people typically offer more virtuous responses — using the money to lower debt is a great choice for millions strangled by bills.

How much you will receive depends on your income, marital status and number of children. If you are married, have two children, and your household income is less than $150,000, you will receive an estimated $1,800. Payments will be trimmed for individuals making more than $75,000 and families more than $150,000. The funds should be available in May.

There’s no personal economic benefit to carrying a balance on a credit card. It’s an albatross.

Unlike mortgage debt, you can’t write off personal credit-card interest on your federal taxes. It’s not deductible as a business or investment loss.

How do you work yourself out of debt? Craft a plan. Set a time when you want to pay off what’s owed.

Let’s say your tab is $10,000 and the annual percentage rate on that debt is 17.50% with a yearly fee of $35. You want to pay it all off in 24 months.

There are three approaches you can employ. First, see if you can transfer the balance to a lower-rate card.

To be able to do that, your credit score must be acceptable to the new issuer. The higher the FICO rating, the better your creditworthiness.

You can also spend less each month. That means charge less to your card and pay more in cash — or cut spending altogether. If you are adding $1,000 in new charges to your balance, it will cost you $1,514 a month to pay off the total. Reduce new monthly spending down to $100 and you only need to hand over $601 a month, according to the credit card payoff calculator on the Web site of the American Institute of Certified Public Accountants.

The most pragmatic strategy is to ignore your bank’s “minimum payment.” That’s designed to keep you in debt for a long time. It should be called the sucker payment or a bank-profit guarantee amount.

Pay as much as you can every month to eliminate your debt. If a windfall comes your way — or you want to apply your rebate — this is the best use of your money. “Credit card paydown is an absolute,” a Madison, Wisconsin-based fee-only financial planner, Michael Dubis, says. “I wouldn’t even do the math.”

What if you are clean on your credit cards, that is, you pay off the balances in full each month? Consider refinancing your mortgage. It doesn’t make sense, though, unless you will stay in the property long enough to recoup the closing costs.

As of February 13, you could obtain a 15-year, fixed-rate mortgage for 5.13% and a 30-year loan for 5.63%. Keep in mind you will need great credit scores to qualify and you will have to provide extensive financial information.

“Are you in an adjustable-rate mortgage?” a credit adviser with the consumer Web site credit.com, Gerri Detweiler, asks. “Look at a fixed-rate loan now. Do a payback analysis of when you’d break even on closing costs.”

When applying for a mortgage, you will no doubt encounter many more new restrictions than a year ago. Credit is still too tight for most consumers.

Federal Reserve chairman, Ben Bernanke, said in a speech last month that there was “considerable evidence that banks have become more restrictive in their lending to firms and households.” Until credit standards loosen up and the government guarantees more mortgages, the consumer economy will continue to swoon. The rebates may do little to stimulate spending.

In the meantime, it’s always prudent to pay down debt. That’s a stimulus plan you can bank on, no matter what the Fed and Congress do.

Mr. Wasik, author of “The Merchant of Power,” is a columnist for Bloomberg News.