Chase Cancels All Credit Card Debt in Canada

Chris Gaetano
Published Date:
Aug 9, 2019

If Chase is your bank, and Canada is your home and native land, then there's some good news: The bank has cancelled all credit card debt for all customers in the country, according to CBC News

Chase, last year, decided that the Canadian credit card market wasn't lucrative enough and decided to close all accounts connected to the two cards that were available in that country: the Rewards Visa and the Marriott Rewards Premier Visa. One year later, the bank decided that collecting on all the outstanding debts that remained would be too costly and time-consuming, compared to just forgiving them entirely.

The CBC noted that, theoretically, the bank could have sold the debt to a third party and achieved the same result, but a Chase spokesperson said that the company decided that forgiving the debt was the better decision for all parties, including the customers. A spokesperson from Canadian bank CIBC added that, on guidance from the Canadian government, so long as the debt was connected to personal, not business, expenses, the debt forgiveness will not be counted as income and therefore not taxed. 

Meanwhile, on the other side of the border, U.S. consumer debt surpassed $4 trillion, for the first time, this year. It is currently unknown whether Chase, or any bank, would ever consider a similar move here, though the general public would no doubt strongly encourage banks to do so. 

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