Credit is twice the predicament (6)
I believe the answer is:
crisis
'the predicament' is the definition.
(thesaurus)
'credit is twice' is the wordplay.
'credit' becomes 'cr' (abbreviation).
'twice' indicates the doubling of some letters.
'is' doubled is 'isis'.
'cr'+'isis'='CRISIS'
(Other definitions for crisis that I've seen before include "Period of dire trouble" , "Calamity" , "Emergency - decision time" , "Crucial stage or turning point" , "Difficult moment" .)