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finance
Chase Bank Forgives "All Outstanding Credit Card Debt" For Canadian Customers
submitted 4 years ago by magnora7 from zerohedge.com
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[–]magnora7[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - 4 years ago (4 children)
Thanks for digging that up.
hinting that forgiveness was probably cheaper than continuing to process payments or farm it out to a third party debt collector.
I find it very hard to believe giving up all the debt was cheaper than selling it to a 3rd party... unless the debt was so incredibly insolvent that the assumption is it will mostly never be paid off...
[–]Vigte 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - 4 years ago (0 children)
unless the debt was so incredibly insolvent that the assumption is it will mostly never be paid off...
Welcome to Canada...
[–]Optimus85 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 4 years ago (2 children)
Sometimes it costs them more money trying to recover those debts than the debt itself. Is it the best decision a financial institution can make? Who knows... Remember the sub-prime mortgage crisis and the government bailouts using taxpayer money?
[–]magnora7[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - 4 years ago (1 child)
Remember the sub-prime mortgage crisis and the government bailouts using taxpayer money?
Yeah I do, but then I remember the government bailing them out then the banks learning nothing and continuing the same behavior.
The loan forgiveness never happened in the US. But here it seems they've preemptively discharged loans they don't think they can make money on. This is... new
[–]Optimus85 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - 4 years ago (0 children)
Yeah, it's kind of surreal.
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[–]magnora7[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - (4 children)
[–]Vigte 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - (0 children)
[–]Optimus85 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (2 children)
[–]magnora7[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - (1 child)
[–]Optimus85 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - (0 children)