Using data from the 2009 National Financial Capability Study, this research explored the relationship between the use of high cost debt instruments and objective financial knowledge, subjective financial knowledge, and numeracy skills. Specifically, a series of logistic regression models were created to explore the correlates of utilizing pay-day loan, tax refund anticipation loans, using a pawn shop, and utilizing a rent-to-own store. Preliminary results indicate that individuals with lower financial knowledge levels were more likely to utilize these high cost debt instruments. It is important to note that association between low income individuals and knowledge levels was found, potentially increasing the need for these types of services and limiting access to alternatives. However, results raise concerns about the ability of individuals with low financial knowledge to evaluate the costs associated with the use of these products.