I've found it helpful consider the type of technical debt too. Get the data models right and most other technical debt is a lot easier to pay down. If you keep adding work on top of bad data models, things get more and more out of hand. I'll always fix data modelling as soon as the abstraction is found to be incorrect, even though that can cause a delay.

But, if you have repeated functions, or two similar react components which could be merged, that's a far lower risk to current and future development velocity.