Credit Card News: We all know that having a credit card increases unnecessary expenses. We use credit cards for small expenses, but when the month ends, those small expenses become a huge amount. Paying it together sometimes spoils your monthly budget.

Then to pay it, you take a loan or borrow money, or get the bill's installments paid. Due to which the burden of debt keeps increasing on you. Due to these small mistakes, the outstanding amount of credit cards among Indians has increased by 44 percent to cross ₹ 33,866 crore. This amount was Rs 23,475 crore in March 2024.

This information has come to light in the report of CRIF High Mark. CRIF High Mark is a credit bureau registered with the RBI (Reserve Bank of India), which keeps issuing such reports.

Debt increased by Rs 10,410 crore in a year!
CRIF said in its report that the outstanding amount has increased to Rs 10,410.9 crore in one year. This is the outstanding amount that people have not been able to pay for more than 91 to 180 days. Talking about banking rules, it is considered a bad loan, i.e., non-performing assets (NPA).

The report said that these figures of overdue and continuously increasing outstanding amount of credit cards not only show the increasing dependence on credit, but also show that Indians do not want to pay the credit card bill.

These five habits will make you debt-free

1. Timely payment: If you do not pay the credit card bill or personal loan EMI on time, then heavy interest is charged. This also spoils the credit score. Therefore, always pay the pending bills on time.

2. Use of limit: One should avoid using the credit limit completely. Using less than 30% credit is considered good. If your limit is Rs 1 lakh, then you should not use more than Rs 30,000.

3. Keep an eye on expenses: You should keep an eye on how much and where you are spending from the credit card. Also, you should set a spending limit. This will help you avoid overspending and manage your debt in a better way.

4. Credit card terms: Always look at the hidden charges, interest rate and billing cycle carefully. If you don't understand anything, talk to your bank or credit card company so that you can avoid debt.

5. Spend as much as you can pay: Credit cards should not be used as a loan, but like cash. Pay off the entire balance in every billing cycle. Spend only as much as you can pay.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.