Credit binge could hit $1 trillion. Yes, that's a 'T'

Credit binge could hit $1 trillion. Yes, that's a 'T':
"Just one trip to the cupcake store — plus a follow-up call to my credit card company — gave me a glimpse into how Americans are moving closer to ringing up $1 trillion in credit card and other debt.
On a whim, I pulled out my credit card to buy six extra cupcakes to add a little variety to the dessert table for my son's high school graduation party.
I had already paid for my order of 50 cookies-and-creme cupcakes weeks earlier, and I was picking up the goodies for the party.
Oddly enough, my credit card was rejected on the spot for a $12 purchase for those extra cupcakes. Sure, my spending was way up after the added expenses during the final weeks of my son's senior year.
But believe me, I was nowhere near my credit limit.
My immediate thought: Someone hacked into my card.
 I dug for cash, lugged my cupcakes home and called the credit card issuer.
While waiting on the phone to find out what happened — nothing did, the clerk somehow ran into a glitch at the store — the card issuer's automated system suggested that I update my income for their records.
The recorded voice planted the thought that I could soon qualify for a larger line of available credit. One minute, I need to cough up cash to pay for six cupcakes.
Another minute, I'm likely to add hundreds or thousands more dollars onto my credit line.
Say good-bye to the credit crunch and the Great Recession.
Credit card issuers are pushing cashback and 0% credit cards, opening up doors for the subprime borrower and offering bigger lines of credit when possible.
The number of new credit card accounts jumped to 80.3 million — up 16.3% from a year earlier, according to the American Bankers Association's latest Credit Card Market Monitor.
New accounts are being driven, in part, by a 26% increase year-over-year in new subprime accounts, which bankers say still remain below prerecession levels, according to the ABA Credit Card Monitor for May 2016...
...About $662 billion in credit card debt is outstanding, according to data from Moody's Analytics and Equifax.
That figure includes $593 billion in outstanding balances on bank cards and $68.8 billion on retail cards for specific merchants.
Add about $320 billion in consumer finance loans and other consumer credit, and you get closer to a much-talked-about $1 trillion figure."