Young Coloradans are seeking debt counseling at record rates, according to the nonprofit Money Management International. Rising inflation and living costs are fueling balances, as Generation Z struggles to keep up.Kaleb Knoll, 2 5, of Westminster, Colorado, had seven credit cards, all of which were maxed out last year.You never really know when it's out of control until you're at the bottom looking up, Knoll said.He says his spending wasnt glamorous.I wish I could say I was living a life of luxury on credit cards, but it was just daily insignificant things gas, groceries.Making minimum payments barely dented the balance. Watch Jaclyn Allen's report in the player below: Young Coloradans seek debt counseling at record ratesMy minimum payment was $230, and $160 of that was going straight to interest, Knoll said. It kind of just makes you feel stupid.He said two of his friends are trying to work off debt, with one stuck in a predatory plan and the other putting all her tips into her balance each month.I don't have a single friend who's not in credit card debt, Knoll said.A recent TurboDebt report found Gen Z Coloradans carry about $34,000 in unsecured debt.Tara Alderete, senior director at MMI, says inflation and minimum payments create a downward spiral.When we're making just minimum payments, most of it goes toward interest. It can take close to 30 years to pay off debt, she said.Her advice: Get an accurate picture of your income and debts Call creditors to ask for lower interest rates the worst they can say is no Pick a payoff strategy like the snowball or avalanche methodShe also suggests checking the Better Business Bureau, TrustPilot, or NFCC.org before enrolling in any program.Referred to MMI, Knoll said the nonprofit negotiated with Amex to cut his interest from 29.99% APR to 2.99%.Other interest rates were also lowered.He closed all his credit cards and has paid off 26% of his debt since October.My goal is to get it done by spring of next year, Knoll said. Thatll be a new beginning, a fresh start.Other credible resources for debt solutions include: National Foundation for Credit Counseling FTC Debt Relief Scam Guide . ...read more read less