Chase bank

[macdon02]

https://toronto.citynews.ca/2019/08/08/chase-bank-wipes-out-all-outstanding-credit-card-debt-owed-by-canadian-users-2/amp/?__twitter_impression=true

Soooo they are writing off all outstanding balances, something stinks. It's a bank, they are greedy and they are leaving Canada for good. I think it's fair to say they didn't do this to gain clients. Something is coming down the pipe, either we are gonna go into protectionist mode to defend the Canadian banks, which are under pressure as a sector, or this won't be a prime environment for lending moving forward and the first rat off the boat is the tip of the iceberg. Indicating we can expect a shortage in lending. Anyone have ideas? Im all ears

[farmaholic]

Didn't read article, the link goes no where.

I can't imagine they would write off any collectable balances, or maybe they're asking clients to transfer balances to another card. Are they just writing off uncollectable balances.

[15444]

https://news.sky.com/story/chase-bank-wipes-out-credit-card-debt-for-canadian-customers-11781159 https://news.sky.com/story/chase-bank-wipes-out-credit-card-debt-for-canadian-customers-11781159

Should have got an Amazon.ca card. Damn. Chalk it alongside all my other missed opportunities.

[farmaholic]

Still a bit vague, doesn't actually say the status of the accounts, maybe they were very delinquent and doubtful.

[TOM4CWB]

Still a bit vague, doesn't actually say the status of the accounts, maybe they were very delinquent and doubtful.

People who do not pay their owed account... will pay in many other ways... there is NO free ride... paying LEGIT outstanding balances due... is not an option... just like anyone intending NOT to repay an outstanding CASH ADVANCE.... should rethink that... it is a 'stupid idea'...Cneers

[farmaholic]

People who do not pay their owed account... will pay in many other ways... there is NO free ride... paying LEGIT outstanding balances due... is not an option... just like anyone intending NOT to repay an outstanding CASH ADVANCE.... should rethink that... it is a 'stupid idea'...Cneers

I would think a credit score and check reveals all to future lenders.
But maybe some people who have debt written off sees it as some sort of victory, especially if they don't care. Or were issued a credit card from some obscure credit card company compared to the mainstream players.

Not everyone operates on the same set of morals and beliefs

[Oliver88]

I would think a credit score and check reveals all to future lenders.
But maybe some people who have debt written off sees it as some sort of victory, especially if they don't care. Or were issued a credit card from some obscure credit card company compared to the mainstream players.

Not everyone operates on the same set of morals and beliefs

I’m going to go out on a limb and assume most people who have credit card bills overdue at 18% interest likely don’t have their priorities in order or are very bad at math??
(Kind of like dealing with a certain Ag line of credit company.)