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.
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.
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.
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...
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
Hello Chase?
I identify as Canadian...
Didn’t we the people give out trillions to banks in 2008?
“Affected customers can’t believe their luck.”
And those of us in the US who have Chase cards, will be footing the bill, because these a$$holes never “forgive” anything. They will simply be shifting their losses to American cardholders.
Adding this to my Chase ban list of 30 years. Pay off the credit card in full and on time but they send out a balance due the next month even if nothing is charged to the account. Why? Because, well, duuuh, by their calculations you owe financing charges for the lag time of when they mailed the statement to you to the time they deposited your paid in full and on time payment. Hotel California where the only way you get out is by sending in the $5 non-refundable ransom payment for imaginary interest charges on zero balances in the future or call your lawyer over a never ending 35 cents.
Now what do we have to do to get them to exit the US market?