1 trillion in credit card debts is it a problem for the USA economy?

A lot of people are saying that this will cause a credit crunch cause since the average american does not save too much he won't be able to pay his credit card loan back. They also add the student debt loans prospecting a doom scenario. $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$ $S&P 500 Index(.SPX.US)$