August 9, 2019

Chase Forgiving All Credit Card Debt?!



Credit Card Debt Forgiven?

Hol’up! Is that true?!

It is – but only for Canadian customers. So, in 2018 Chase decided to exit the Canadian market and closed credit cards for Canadian customers while requiring them to continue paying. Odd move but understandable considering that the debt was still pending regardless of future use or not. Then, today, Chase Bank decided that it was going to forgive all pending credit card debt and completely exit the Canadian market.

CNBC, Yahoo, MSNBC, CNN Money, Forbes – every periodical is running this story as credit card debt is not something that is typically forgiven. Usually, people with credit card debt either pay over time, default or get a company like Mediator Debt Solutions to help them get rid of debt and interest. But to be forgiven by a bank altogether? It’s like Fight Club but without the mayhem.

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Reactions to Credit Card Debt forgiveness

One trucker, who owed $4,500, said he couldn’t believe it. Another student said, “I feel like I’m being rewarded for my irresponsibility!” For the most part, however, people are naturally happy. Chase Bank did not comment on how much debt was forgiven but simply stated that it was feasible for them and a benefit to their customers. Okay, Chase – next stop… the U S of A!