Credit is doubled – a desperate situation (6)
I believe the answer is:
crisis
'a desperate situation' is the definition.
(I've seen this before)
'credit is doubled' is the wordplay.
'credit' becomes 'cr' (abbreviation).
'doubled' indicates the doubling of some letters.
'is' duplicated is 'isis'.
'cr'+'isis'='CRISIS'
(Other definitions for crisis that I've seen before include "Crucial stage or turning point" , "Emergency (in midlife?)" , "Crucial stage in a series of events" , "Crucial and dangerous moment" , "Climax or turning point as in fever" .)