Chase Bank cancels its Canadian customers’ credit-card debt

guest · Aug 10, 2019

Chase Bank cancels its Canadian customers’ credit-card debt
JP Morgan won’t be chasing after indebted Canadian customers
August 9, 2019
https://qz.com/1684728/chase-forgave-all-the-credit-card-debt-of-its-canadian-customers/

As JP Morgan Chase retreats from the Canadian credit card market, the bank has given remaining customers a parting gift: debt forgiveness.

Rather than continue collecting payments on its two Canadian Visa cards, which it discontinued in March 2018, Chase figured debt relief “was a better decision for all parties, including and most importantly our customers,” said Maria Martinez, VP of communications for Chase Card Services.

“I was sort of over the moon all last night, with a smile on my face,” Douglas Turner told CBC. He’s a 55-year-old long haul trucker who still owed more than C$6,000 ($4,534) on his Amazon Visa.
Chase’s decision is unusual because it could have sold the outstanding debt to a collections agency or the customers’ accounts to another bank.
The cost of forgiving the debt was possibly cheaper than the cost of selling it or continuing to collect.
Click to expand...

Willy2 · Aug 10, 2019

- Seems those credit card holders didn't have too much outstanding debt.
- I wish my bank did the same with my credit card debt.

Log in or Sign up

Chase Bank cancels its Canadian customers’ credit-card debt

guest Guest

Willy2 Registered Member

Log in or Sign up

Chase Bank cancels its Canadian customers’ credit-card debt

guest Guest

Willy2 Registered Member

Useful Searches