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SilverSailor

A Chase Bank in Canada cancels all Credit Card debt of cardholders!!

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Look at this, wow oh wow, wish I'd bought some XRP with that card from that bank! LOL

https://www.yahoo.com/news/flabbergasted-chase-bank-forgives-credit-130519230.html

 

"Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit," Maria Martinez, vice president of communications for Chase Card Services, said in a statement....Until now they had (customers/cardholders) continued to pay off their balances, but, alas, no more!

Edited by SilverSailor

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12 minutes ago, Hodlezerper said:

Are any Canucks in here more concerned about why Chase would do that? What's the consumer debt situation in Canada?

Not great, but not out of line relatively speaking I think...it likely speaks more to the fact that they consider Canada such a small market (it is) and they probably made a business decision based on cost/benefit.  

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1 minute ago, xrpmeplease said:

Not great, but not out of line relatively speaking I think...it likely speaks more to the fact that they consider Canada such a small market (it is) and they probably made a business decision based on cost/benefit.  

Thanks. Keep us posted if it is looking unstable, lol. 

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I read that card holders will be taxed (cancellation of debt is considered income) and I wouldn't be surprised if the Canadian IRS has set some sort of arrangement with this particular bank.

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