If you are a serial defaulter on credit card bill. If you’re one of those people who are prone to rolling over your credit card bill, here are some tips to help you get out of this vicious cycle. While experts opine that part of this is because of increased consumer spending and inflation, some of it is also due to rollovers. This is a jump of over 30% compared to the same period last year, and double the pace of growth of overall bank loans. This seems to be a rising problem in India as, for the first time in the country, credit card outstanding amount crossed the Rs.2 lakh crore mark in April this year. If you don’t pay the entire outstanding amount stated in the bill, you’ll end up in a debt trap. While credit cards make money seem invisible for a while, remember that you do have to pay the bill with hard-earned cash. It’s easy to swipe the card and not worry about finances for weeks until, of course, you end up with a hefty bill that you scramble to pay off. That 2x3 inch piece of plastic in your wallet is one of the most convenient ways to pay for anything you want.

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