2019 Aug 11, 1:14pm
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"Chase made the decision to exit the Canadian credit card market," said Maria Martinez, vice president of communications for Chase Card Services. "As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit."The reactions from customers throughout Canada range from shock, disbelief to joy as people who owed thousands on their credit cards had all that debt wiped away in an instant."I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Ontario, who owed more than $4,500 on his card, told the CBC. "I couldn't believe it."Canadian Paul Adamson, 43, whose debt was also erased, told the CBC he originally thought he missed a payment after hearing his account was closed."I'm honestly still flabbergasted about it," he said. "It's [usually] surprise fees, extra complications, things like that, definitely, but not loan forgiveness."
or they calculated that collecting on that debt was not profitable enough to be worthwhile.
Maybe they had to meet some legal timeline, or they calculated that collecting on that debt was not profitable enough to be worthwhile.