Chase has completely exited the Canadian credit card market and shut down all Canadian operations. The CBC confirms that Chase will also forgive all outstanding balances on their credit cards.
Amazingly, Chase has decided that it would be better for them to forgive all outstanding debt on their Canadian credit cards, rather than try to collect it.
Apparently everyone’s nicer in Canada, even the banks!
I can’t quite comprehend why they aren’t selling the debt to a collections agency, but congrats to everyone who just had their debt wiped out!
Chase made this decision on July 27th, so any payments made as of that date will be returned!
Chase will be reporting all accounts as having a zero balance, so this debt forgiveness will not hurt credit scores.
Sorry Americans, this is not about to happen on this side of the border!
Do we have any Canadian readers that had their debt forgiven?