Fatal Exception: java.lang.OutOfMemoryError

Please solve the below issue. it stops the app frequently android.graphics.BitmapFactory.nativeDecodeAsset (BitmapFactory.java)
android.content.res.Resources.getDrawable (Resources.java:1613)
com.squareup.picasso.RequestCreator.getPlaceholderDrawable (RequestCreator.java:676)
com.squareup.picasso.RequestCreator.into (RequestCreator.java:637)
com.daimajia.slider.library.SliderTypes.BaseSliderView.bindEventAndShow (BaseSliderView.java:246)
com.daimajia.slider.library.SliderTypes.DefaultSliderView.getView (DefaultSliderView.java:25)
com.daimajia.slider.library.SliderAdapter.instantiateItem (SliderAdapter.java:81)
com.daimajia.slider.library.Tricks.InfinitePagerAdapter.instantiateItem (InfinitePagerAdapter.java:54)
com.daimajia.slider.library.Tricks.ViewPagerEx.addNewItem (ViewPagerEx.java:848)
com.daimajia.slider.library.Tricks.ViewPagerEx.populate (ViewPagerEx.java:998)
com.daimajia.slider.library.Tricks.ViewPagerEx.populate (ViewPagerEx.java:930)
com.daimajia.slider.library.Tricks.ViewPagerEx.onMeasure (ViewPagerEx.java:1453)
android.view.View.measure (View.java:17387)
dalvik.system.NativeStart.main (NativeStart.java)