The New York Federal Reserve’s report last week revealing that credit card debt is at an all-time high did not come as a surprise to most consumers. Inflation has left many consumers floundering in debt. The average credit card balance is more than $6200.

The folks in the most trouble are younger adults, folks 18 to 39, who are renting their homes. Here in Rochester, rent increased 10.5 percent year over year. Combine that with inflation and having a short credit history, and they’re the folks most likely to now be falling behind. And because credit card rates now top 20 percent, that debt is dangerous.

How dangerous? In a past report, Jarrett Felton, News10NBC finance expert and CEO of Invessent Wealth Management, explained the rule of 72.

“Take, you know, the interest rate that you’re getting on your money,” said Felton. “Divide it into 72. That equals the number of years that it takes for your money to double or your balance to double on your credit card if you’re not paying it off in time.”

Let me explain with this example. Let’s call her Betty. Let’s say Betty has $5,000 of credit card debt. To figure out how quickly her debt will double, the rule of 72 says you divide 72 by your interest rate. Betty’s interest rate is 20 percent.  Seventy-two divided by 20 is 3.6.  That means if Betty is paying the minimum, her $5,000 credit card debt will double to $10,000 in roughly three and a half years. That’s scary, right?

A study by Bankrate indicated that half of credit card holders are carrying a balance month to month. But Bankrate analysts say we don’t have to be shackled by debt.  There’s a way out.

“My top tip is to get a zero percent balance transfer credit card,” said Ted Rossman, senior industry analyst at Bankrate. “So, this is going to involve moving your existing high-cost debt from one or more cards; you move it over to a newly opened card with a generous zero percent promotion.”

Click here for Bankrate’s recommendations for zero interest balance transfer credit cards: https://www.bankrate.com/credit-cards/zero-interest/best-zero-interest-cards/. But not everyone qualifies for one of these cards.  Rossman says there’s still hope.

“A backup — let’s say you have a lower credit score, or you have a lot of debt, more than $5,000 or $6,000, well then maybe you’re better off with non-profit credit counseling. firms like Money Manager International and GreenPath, they can often negotiate something like a 7 or 8 percent rate over four or five years,” Rossman said.

The National Federation for Credit Counseling also can point you to other non-profit organizations that can help.

While you can try to negotiate a lower rate on your own, non-profit credit counselors are often more effective because they already have relationships with credit card issuers. Rossman says you definitely should avoid for-profit debt relief services. Often, they ask for payment upfront then tell you to stop paying your bill. Then they try to negotiate a reduced payment. But in the process, your credit rating is ruined.