U.S. Markets open in 5 hrs 8 mins

Chase Forgives Credit Card Debt of All Canadian Customers. No, Really.

William White

Chase forgives credit card debt news is catching people off guard, but it’s only for customers in Canada.

Chase Forgives Credit Card Debt of All Canadian Customers. No, Really.

Source: Shutterstock

The decision from the JPMorgan Chase (NYSE:JPM) division comes roughly one year after it left the Canadian market. When that took place, the company was still requiring customers to pay off their credit card debt.

Now it’s one year later and news that Chase forgives credit card debt is spreading as Canadian customers receive their notifications. Chase wanted to leave the Canadian market behind, but there are other options it could have taken.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

One thing that Chase could have done was to leave the market and sell the debt to a third party. However, the company says that canceling the debt was the best option for all parties. It’s the first case of something like this happening on such a large scale, Reuters notes.

Here’s how some Twitter (NYSE:TWTR) users are reacting to the Chase forgives credit card debt news.

  • “There has got to be more to this story b/c banks don’t forgive unpaid debt.”
  • “Let’s keep doing this, but with student loans.”
  • “That’s how badly investors want out of #Canada’s warped business landscape. Unreal…”
  • “This probably says more about the Canadian dollar than anything else.”
  • “PLEASE FORGIVE MY STUDENT LOAN DEBT CHASE AND I PROMISE I WILL ONLY SAY GOOD THINGS ABOUT YOU. 🙏🙏😭”

JPM stock was down 1% as of noon Friday.

More From InvestorPlace

As of this writing, William White did not hold a position in any of the aforementioned securities.

The post Chase Forgives Credit Card Debt of All Canadian Customers. No, Really. appeared first on InvestorPlace.