4. You hide bills and financial information from your spouse
Cunningham calls this "financial infidelity," meaning you have a secret financial life apart from your spouse. You may have credit cards your spouse doesn't know about, or you lock purchases in the trunk of your car because you don't want your spouse to see you carrying them inside. You may even get your own post office box, so that if your spouse beats you home, he or she doesn't get to the mail before you can intercept it.
5. You're using cash advances or payday loans
This indicates you've created a lifestyle your income cannot support. Cash advances and payday loans come with sky-high interest rates, and using them will only dig you deeper into debt. "I see many people who are repeat users of payday loans, in which case they need credit counseling desperately," Jones says.
6. You don't know exactly how big your debt is
If you've lost track of how much you owe or to whom you owe it, Cunningham says you've "buried your head in the financial sand."
Says Vered: "A lot of times consumers will come in with a bunch of unopened bills in a plastic bag because they've gotten to the point where they're scared to find out how much they owe." If that's the case, it's time to face the facts. Delaying the inevitable will only do more harm.
7. You're maxing out your credit card each month
Some may do this because they like to spend money, but consider talking with a credit counselor if this is the only way you can pay your bills. Maxing out your card damages your credit scores, as it raises your credit utilization ratio -- the ratio of your credit-card balance to credit limit -- which credit experts say should be kept under 15%.
8. You're pulling money from a retirement account to pay bills
Dipping into a retirement account should be a last resort, as you'll incur substantial penalties and fees for early withdrawal. Says Cunningham: "A retirement account is appropriately named -- it's for your retirement, not for your daily living."
Although the Bosticks found the help they needed, they shouldn't have waited until they were in six-figure debt before consulting a credit counselor. If any of the above applies to you, reaching out to a credit counselor could do you and your finances plenty of good.
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