Chase Bank erases debt for Canadian credit card customers
NEW YORK — Chase Bank is pulling out of the Canadian credit card market — and the company is taking customers’ debt with it.
Canadians who had credit cards with Chase are breathing a sigh of relief after company officials said they would “forgive” all outstanding debt.
Chase closed all credit card accounts in the country in March 2018.
Originally, customers were told to continue paying their debt, but on Friday, Aug. 9, company officials confirmed the debts were canceled.
The company could have sold the debt to a third party, but officials said it was a better decision for all parties to forgive the debt.
Officials declined to say how much debt was forgiven, or how many customers were affected.