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Bank ERASES All Credit Card Debt for Canadian Customers

Why would a bank, that makes money from collecting debts. be in such a hurry to leave a country, that they forgive all credit card debt?

Bank ERASES All Credit Card Debt for Canadian Customers 1 Getty Images

Chase Bank is giving its Canadian customers one last gift before it bows out of the Canadian credit card market.

Chase closed all their Canadian credit card accounts in March 2018 and customers were expected to continue to pay their debt.

That all changed on Friday when the company decided to forgive all outstanding balances on either of its two VISA cards as part of their exit following 13 years in the Canadian credit card market, according to the CBC.

This story reads like a headline for a deeper and more significant one. Why would a bank, that makes money from collecting debts be in such a hurry to leave a country, that they forgive all credit card debt?  It just makes no sense and goes against the grain of today’s unforgiving market.