Credit cards offer an interest-free period for 45 to 55 days, but they charge an interest on the unpaid balance. Higher the interest rate, higher the financial burden for card user at a later stage after the deadline is missed.

Credit card companies now need to provide fortnightly reports of cardholders' credit habits to CIBIL or Experian, instead of the earlier monthly frequency.

Here are certain steps that you can take to regain control of your finances and escape from the credit-card debt tap you are in.

Some of the charges that credit cards levy include joining and annual fee, late payment fee, finance charges, surcharge on certain payments, payment return charges, overlimit fee, etc.