Millennials are sinking under the weight of their debts, adding a record $3.8 tr...

In news that will come as no surprise to their boomer parents, millennials in their 30s are digging themselves deeper and deeper into debt.

Don't miss

• A record number of Americans are grappling with $1,000 car payments and many drivers can't keep pace. Here are 4 ways to stay ahead

• UBS says 61% of millionaire collectors allocate up to 30% of their overall portfolio to this exclusive asset class

• 'Hold onto your money': Jeff Bezos issued a financial warning, says you might want to rethink buying a 'new automobile, refrigerator, or whatever' — here are 3 better recession-proof buys

And it’s not just due to their long-abiding love for avocado toast and bougie coffee — although both of these things have certainly become more expensive lately, thanks to inflation.

Their demographic alone amassed nearly $4 trillion in debt in the fourth quarter of 2022, according to the Wall Street Journal's analysis of Federal Reserve Bank of New York data. This marks a 27% rise from late 2019 — the biggest jump of any age group — and it’s the fastest they’ve ever accumulated debt since the 2008 financial crisis.

The generational wealth gap is widening for these 30-somethings, and here’s why the occasional splurge at Starbucks isn’t to blame.

Debt rising for millennials in their 30s at a record pace

Household debt hit $16.90 trillion last quarter, as consumers grappled with rising inflation and interest rates.

Millennials in their 30s have added over $3.8 trillion in debt to their accounts — and are missing their credit card and auto loan payments at startling rates as well, according to the New York Fed.

And when you factor in the fact that housing affordability is at its lowest level in history, these young(ish) adults face an additional hurdle to building wealth.

“We are seeing a ‘credit gap’ emerge in the sense that younger, less-affluent borrowers are coming under financial pressure from higher living costs and inflation outpacing their income gains,” Silvio Tavares, chief executive of VantageScore, told The Wall Street Journal.