In a move that has stunned just about everybody who heard about it, Chase bank is decided to forgive all credit card debt owed by their Canadian customers. This is surely a massive sigh of relief to those with outstanding debt. Chase bank is part of the J.P. Morgan New York based system and decided a few months ago that they would close all credit card accounts in the country.
While they closed all credit card accounts, everyone was still obligated to pay their debt. That was until yesterday when Chase finally told everyone that they had been forgiven of their debt. Many are wondering how this happened or why, but it makes financial sense for Chase. Since they are closing all accounts anyways, the most likely felt that it was more expensive to continue hiring people to chase down those who still owe credit card payments.
“I was sort of over the moon all last night, with a smile on my face,” Douglas Turner of Coe Hill, Ontario, told the Canadian broadcaster. Turner said he still owed more than $4,500 on his card. “I couldn’t believe it.”
“It’s crazy,” Turner added. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.” The 55-year-old trucker also told CBC that his most recent payment on the account would also be reimbursed.
Taking Care of Customers
Again, rather than hiring a third-party to chase down the debt, Chase bank pulled a stunning PR move that will undoubtedly bring in more fans of their brand. They felt it was easier for all parties involved to just forgive the debt. Chase bank brought two different types of reward credit cards into Canada. What was Amazon and the other was Marriott hotels, offering rewards based upon usage.
Vice-President of Communications of Chase said in a statement to Reuters that forgiving the debt was a good move because it “was a better decision for all parties, including and most importantly our customers.” It looks to have been the right decision.
“I’m honestly still so … flabbergasted about it,” he said. “It’s surprise fees, extra complications – things like that, definitely, but not loan forgiveness.
A 24-year-old university student, she said: “It’s kind of like I’m being rewarded for my irresponsibility.” All there were many who are irresponsible with their credit card debt, this gives many Canadians a fresh start towards a better future. With credit card debt piling up past the trillion-dollar mark, many Americans can only hope that one day some of their debt will be forgiven so that they too can have a fresh start.
