I think like 100ppl had chase cards lol lol.
I Have a Chase Card and Wish I Lived in Canada LoL
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Originally Posted by Powerglide
Chase made a business decision. Its execs think that forgiving all that Canadian cc debt will be substantially less than the projected default rate/balance in the next 2-5 years. Personally, I think the hugely inflated big city real estate market in Canada will collapse and cause rampant consumer debt default. Here in the US of A, there will be a TON of cheap late model cars for sale late next year when those loans default.
This. People here don't know how to use Occam's Razor. They probably figured out that with the default rate and the cost to maintain staff, pay taxes accounting and other costs, it would be cheaper just to forgive the rest of the debt and close out the books rather than keep them going for however long it takes for the rest to pay up.
Chase made a business decision. Its execs think that forgiving all that Canadian cc debt will be substantially less than the projected default rate/balance in the next 2-5 years. Personally, I think the hugely inflated big city real estate market in Canada will collapse and cause rampant consumer debt default. Here in the US of A, there will be a TON of cheap late model cars for sale late next year when those loans default.
This. People here don't know how to use Occam's Razor. They probably figured out that with the default rate and the cost to maintain staff, pay taxes accounting and other costs, it would be cheaper just to forgive the rest of the debt and close out the books rather than keep them going for however long it takes for the rest to pay up.
Originally Posted by dave1251
Originally Posted by Lolvoguy
Originally Posted by tig1
In the end you folks will pay dearly. JMO
Trust me, there's many other ways we pay that you 'mericans save.
Heck, just look at the majority of consumer goods. The premium we pay on them in a year or two is easily enough to equal the average cardholders balance.
Well socialism isn't free.
Exactly.
Originally Posted by Lolvoguy
Originally Posted by tig1
In the end you folks will pay dearly. JMO
Trust me, there's many other ways we pay that you 'mericans save.
Heck, just look at the majority of consumer goods. The premium we pay on them in a year or two is easily enough to equal the average cardholders balance.
Well socialism isn't free.
Exactly.
Who would actually be dumb enough to carry a balance on a credit card?
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In the credit card industry there is jargon same as other trades and professions. Interesting nickname used in the credit industry for people who don't carry balance i.e. pay off balance monthly and do not incur interest charges or late fees: "Deadbeat." That's right, they call the folks they DON'T make that double digit interest on, "deadbeats."
https://www.creditcards.com/credit-card-news/glossary/term-deadbeat.php
Any time an entity or group starts flipping the meaning of a concept that's traditionally been considered right, moral, and good (i.e. paying off debt asap) to now mean by that entity or group's new definition of the concept, the opposite of what it used to mean (i.e. you don't pay us interest so you're a deadbeat), then the involved group or entity usually has nefarious intent or is just plainly exploiting the populace.
I'm a deadbeat ...
https://www.creditcards.com/credit-card-news/glossary/term-deadbeat.php
Any time an entity or group starts flipping the meaning of a concept that's traditionally been considered right, moral, and good (i.e. paying off debt asap) to now mean by that entity or group's new definition of the concept, the opposite of what it used to mean (i.e. you don't pay us interest so you're a deadbeat), then the involved group or entity usually has nefarious intent or is just plainly exploiting the populace.
I'm a deadbeat ...
I wish I had a Chase card too.
Originally Posted by Rolla07
I think like 100ppl had chase cards lol lol.
You're probably right.
They were hardly marketed hard up here. Between that and what Wolf359 says, it probably was much easier to just walk away.
I think like 100ppl had chase cards lol lol.
You're probably right.
Originally Posted by Wolf359
Originally Posted by Powerglide
Chase made a business decision. Its execs think that forgiving all that Canadian cc debt will be substantially less than the projected default rate/balance in the next 2-5 years. Personally, I think the hugely inflated big city real estate market in Canada will collapse and cause rampant consumer debt default. Here in the US of A, there will be a TON of cheap late model cars for sale late next year when those loans default.
This. People here don't know how to use Occam's Razor. They probably figured out that with the default rate and the cost to maintain staff, pay taxes accounting and other costs, it would be cheaper just to forgive the rest of the debt and close out the books rather than keep them going for however long it takes for the rest to pay up.
People here often fail to understand how businesses actually operate.
Credit card issuers obviously have a very good understanding of the risks involved in giving an open line of credit to those issued the cards. That's how they set credit limits as well as interest rates on balances for each cardholder.
If a totally legit operation decides to leave a market and has no desire to carry and collect the outstanding balances over time, then it sells those receivables at some negotiated discount or maybe through securitization or if the aggregate is too small to one of the vulture firms that buy receivables.
No firm with a legitimate business simply walks away from legally enforceable receivables just as nobody leaves money on the table when a poker game ends.
Occam's Razor should lead anyone to conclude that there must have been some problem with Chase's business under Canadian law.
They'd not otherwise leave money laying on the table at the end of the game.
Originally Posted by Powerglide
Chase made a business decision. Its execs think that forgiving all that Canadian cc debt will be substantially less than the projected default rate/balance in the next 2-5 years. Personally, I think the hugely inflated big city real estate market in Canada will collapse and cause rampant consumer debt default. Here in the US of A, there will be a TON of cheap late model cars for sale late next year when those loans default.
This. People here don't know how to use Occam's Razor. They probably figured out that with the default rate and the cost to maintain staff, pay taxes accounting and other costs, it would be cheaper just to forgive the rest of the debt and close out the books rather than keep them going for however long it takes for the rest to pay up.
People here often fail to understand how businesses actually operate.
Credit card issuers obviously have a very good understanding of the risks involved in giving an open line of credit to those issued the cards. That's how they set credit limits as well as interest rates on balances for each cardholder.
If a totally legit operation decides to leave a market and has no desire to carry and collect the outstanding balances over time, then it sells those receivables at some negotiated discount or maybe through securitization or if the aggregate is too small to one of the vulture firms that buy receivables.
No firm with a legitimate business simply walks away from legally enforceable receivables just as nobody leaves money on the table when a poker game ends.
Occam's Razor should lead anyone to conclude that there must have been some problem with Chase's business under Canadian law.
They'd not otherwise leave money laying on the table at the end of the game.
From what I see, they only offered credit cards that were either Amazon or Marriott branded. There can't be that many of those out there in the grand scheme of things. Since they're a publicly traded company, the details will be spelled out in company filings later.
Yes. Like I mentioned above, neither really appealed to me. I don't buy nearly enough off of Amazon or travel enough to make either option worthwhile. I suggest it's safe for us to assume that neither were anywhere near the top of the list of most common credit cards in Canada. The way Amazon Canada is, the only way I could actually buy there regularly is if the credit card gave 50% cash back on all Amazon purchases.
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