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  • 'It's crazy': Chase Bank forgiving all debt owed by its Canadian credit card customers

    From cbc.ca

    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 ... (full story)

Wow .. what's the catch
Probably have to pay "taxed as income", but still a smokin' hot deal.
Don't be surprised if you don't see discrimination from bordering US citizens over this. I don't have a Chase card, but I could see individuals bringing this up. We'll see how this all turns out.
Quoting livetotrade
Don't be surprised if you don't see discrimination from bordering US citizens over this. I don't have a Chase card, but I could see individuals bringing this up. We'll see how this all turns out.
You are darn right about that. I DO have a Chase credit card and if the Canadian people get it wiped out then there will be a class action lawsuit about this one.
...because you never know - until you do!
For us Forex traders this means an instant vanishing of substantial amounts of Canadian currency. This is the opposite of QE and should produce a minor strengthening of the Canadian Dollar. I wonder if the Canadian Central Bank will respond with some sort of currency devaluing move.

Buy CAD. At least temporarily.
Quoting fxsport
{quote} You are darn right about that. I DO have a Chase credit card and if the Canadian people get it wiped out then there will be a class action lawsuit about this one.
Creditors forgive any of their subjects they choose at any time. That is their right.

The obligation of the borrower is to pay their debts and not to get involved in their masters business!
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  • Posted: Aug 8, 2019 7:03am
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 6  /  Views: 16,514