Posted on 08/08/2019 6:50:39 AM PDT by mkleesma
Finally, a good news story about credit card debt.
U.S.-based Chase Bank is forgiving all outstanding debt owed by users of its two Canadian credit cards: the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa. The bank retired both cards last year and said it's wiping out cardholders' debt to complete its exit from the Canadian credit card market.
Affected customers can't believe their luck.
"I was sort of over the moon all last night, with a smile on my face," said Douglas Turner, of Coe Hill, Ont., after learning he's off the hook for the $6,157 still owing on his now-defunct Amazon Visa. "I couldn't believe it."
After 13 years in the Canadian market, Chase decided to fold its two Visa cards in March 2018.
The bank — which is part of global financial services firm JPMorgan Chase & Co. — wouldn't say how many Canadians had signed up for the cards or how much debt was outstanding.
(Excerpt) Read more at cbc.ca ...
What about me? What about my credit card bill?
Wonder why they’re leaving? Do they not allow usury in Canada?
In the U.S. that debt forgiveness would be taxed as income. Not sure about Canada.
They probably did the numbers, and discovered they would save more money by shutting down the servers and systems than they would get from collecting the outstanding balances. It’s probably very small money for them.
Wait till they find out the government considers that forgiven debt to be income and taxes them on it.
It’s also a tax deduction for chase.
Does it still go against their credit rating?
I’m betting they declare the loss here in the US.
I'm old enough to remember things like "It's A Wonderful Life" where the angry husband in the bar demanded that he be able to pay for his drinks before he got thrown out.
And they wonder why they aren't the Greatest Generation.
Sounds like it was simple math.
WTF?!?!?
OVER HERE OVER HERE!!!
Jubilee year?
Like winning the Lotto.
Canada’s just a rounding error to them, cheaper to shut it down and write off the debt than attempting to collect it all.
“They probably did the numbers, and discovered they would save more money by shutting down the servers and systems than they would get from collecting the outstanding balances. It’s probably very small money for them.”
If this negatively impacts the bottom line Chase may be the recipient of a shareholder suit for abrogation of their fiduciary responsibility of said shareholders
What a thrill for CHASE Stockholders.
Think of all the money those Celebrities who moved to Canada because Trump was Elected will be saving. Oh wait...
Chase isn’t subject to rules like that - those are for the little people.
Add it to the list of why I do not like Canadian theives.
The folks will cheer until the get the tax bill for the amount of debt that is forgiven. Unless their income is so low they would not otherwise be able to service the debt - in Canada.
https://www.ctf.ca/ctfweb/EN/Newsletters/Canadian_Tax_Focus/2013/3/130308.aspx
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