Chase forgives all credit card debt for Canadian customers

[Brian4Liberty]

Chase forgives all credit card debt for Canadian customers

Aug. 9 (UPI) -- Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company decided to close all credit card accounts there.
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"Chase made the decision to exit the Canadian credit card market," Chase spokeswoman Maria Martinez said in a statement. "A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit."

Martinez said Chase determined it was better for all parties if the company forgave the debt rather than try to sell the debt to a third-party debt collector.
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More: https://www.upi.com/Top_News/World-N...2281565375990/

[timosman]

What was the balance on the biggest account?

[Brian4Liberty]

Democrat politicians talk increasingly about forgiving debt. Perhaps they’re ignorant of the concept of moral hazard.

[oyarde]

What was the balance on the biggest account?

My canadian account with Dankes name was 4800.00 . The credit limit was 16K , evidently Danke has pretty good credit in canada .

[Zippyjuan]

Chase is owned by JP Morgan. I haven't found their market share in Canada yet but average credit card balance in Canada runs about $4,000. Chase shut down their credit cards in Canada last year so balances should be lower than that. Probably writing the losses off from taxes.

[Brian4Liberty]

Chase is owned by JP Morgan. I haven't found their market share in Canada yet but average credit card balance in Canada runs about $4,000. Chase shut down their credit cards in Canada last year so balances should be lower than that. Probably writing the losses off from taxes.

Are you saying it wasn’t out of the goodness of their hearts?

[jmdrake]

Democrat politicians talk increasingly about forgiving debt. Perhaps they’re ignorant of the concept of moral hazard.

Debt forgiveness is actually biblical. (Year of jubilee). Considering Chase got bailed out by U.S. taxpayers they should have been forgiving U.S. debts.

[Brian4Liberty]

Debt forgiveness is actually biblical. (Year of jubilee). Considering Chase got bailed out by U.S. taxpayers they should have been forgiving U.S. debts.

Government bailouts are a moral hazard of the worst kind.

[kfarnan]

they created nothing and destroyed nothing. Still inflated the currency with fake currency.

[devil21]

they created nothing and destroyed nothing. Still inflated the currency with fake currency.

Bingo. It's a big illusion. The name on the card/account isn't even yours. It's the name of a trust created by the state after mom signed the birth certificate. The owner of the named trust should be the one paying the bill.