Chase Bank Cancels All Credit Debt For Canadians

Rob Hart
August 09, 2019 - 6:16 pm

(Photo by Chris McGrath/Getty Images)

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CHICAGO (WBBM NEWSRADIO) -- Some Canadian credit card customers got a big break from a big bank.

Chase Bank offered two credit cards in Canada but the company pulled out of the country in March of 2018.  Since then, customers had to pay off their remaining balances.

Until last week, when Chase cancelled the remaining debt.

Ted Rossman, industry analyst with Credit Cards.com, told the WBBM Noon Business hour that the remaining debt didn't amount to much, and that it would have been too much time and effort to track it down.

"Chase has not said exactly how much debt was forgiven but my guess is that it was a pretty small number in the grand scheme of things," said Rossman.

Don't expect the same thing to happen in this country, though. He said six in 10 credit card holders carry a balance, and that the average balance works out to $5,700.  He also said the number of people carrying credit card debt has gone up, despite the booming economy and low unemployment.