Based on the chart, if total debt in 2012 was \( \$ 2,978 \) billion, about how much was total credit card debt? \( \$ 496.3 \) billion \( \$ 178.7 \) billion

In 2012, total debt reached an impressive \( \$ 2,978 \) billion, and within that considerable figure, credit card debt was notably a slice of the pie. Based on typical trends, credit card debt often hovers around \( 15\% \) of total household debt, making \( \$ 496.3 \) billion a plausible estimate since it represents about \( 16.7\% \), which aligns with historical data. To put it into perspective, the \( \$ 178.7 \) billion figure would seem quite low, making it the unlikely option when you compare it against prevailing economic metrics. Credit card debt tends to flourish in a thriving consumption economy, and 2012 was a post-recession recovery period with increased consumer spending.