Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Drowning in credit card debt but still want to enjoy life | Bill Bloom

16 Mar 2025 · 1 min

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Bill Bloom discusses managing substantial credit card debt while still planning and celebrating life events. Using an example of $17,000 in credit card debt, he recommends tying short-term goals (like attending a friend's wedding) to a product "goals" tab that calculates how much to save each month to meet a target date, and suggests transferring post-payoff savings into a "gold account" so money works for you and reinforces saving habits.

Questions this video answers

$17,000

The goals tab

Chapters

If you already have $17,000 of credit card debt, you want to go to your friend's wedding vacation, what do you do? So we also have a goals tab where we show you how much money you need to save every single month to get to your goal by a certain date. So it goes back to the original product, but it's tied in in a much better way this time because you should have things to celebrate and should have things to do. For instance, if you want to get rid of your credit card that how are you going to celebrate? So once you pay off one of your credit cards, maybe you start saving and put it into that gold account. So that way you have money working for you. Both ways you're saving and you're teaching yourself how to save. So that way in the future you don't go back to the credit card habit and you figure out I'm going to spend the money when I have it, which is really the only way to go.