Community Chat

[bathina]

I could never spend my time measuring what someone has gotten against what I have had to pay. By the same token, I guess these people also believe inheritance is wrong.

[Puppy Lips]

Inheritance is passed down from family members who SAVED money. That is fine and totally different from someone saying, “You dug yourself a hole, now you don’t have to pay it back.” So good for the people that benefited, I don’t begrudge them that. All I am saying is that their debt will somehow be paid back in some form by others and I that I would never feel right about accepting that offer. If you all would take it then fine. But don’t make me out to be mean spirited just because that would not sit well with me.

[FrostyBabe1]

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@Anonymous032819 wrote:

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@JaneMarple wrote:

Why is it an issue for some that Chase did this? It reminds me of those who din't like the Gentleman for paying the college loan debts off. Be happy for anyone who gets a financial break!

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@JaneMarple 

Because the good fortune didn't happen to them, therefor it shouldn't happen to anyone.

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This reminds me of something that happened in my hometown in 2005. A group of anonymous donors came forward and announced they were instituting a program called The Promise. For students who lived within and attended the city public school district from kindergarten thru 12th grade, the program would provide 100% of the cost of their tuition to attend any public college/university in the state. There's a sliding scaled of reduced benefits, but at a minimum, students were required to attend grades 9-12 to receive 65% payment. Of course it was happily received within the population who would benefit, many of whom would be the first in their families to attend college. But in the surrounding communities? Nope. Cries of "It's not fair!" and "we'll sue to be included" and "no one should get their college paid for!" and "why only public colleges" were abundant. The program is still going strong, the public school system has had to really up their game in preparing students for college and many other communities have modeled and adapted the program. It's a very good thing. And people are still griping if they don't benefit.

I spent my entire career in finance. IMHO, this was a smart business decision on the part of Chase. They exited the Canadian market in March of 2018 - 17 months ago. So no new charges were made to the two cards they offered (co-branded with Marriott and Amazon, according to NBC news) after that time. The carrying costs of continuing to keep these balances on the books likely far outweighed the benefit to be derived from pursuing them. Businesses write down debt that is either uncollectible or unreasonable to pursue all the time. That's why there's an "allowance for doubtfull accounts" in financial statements. Additionally, I'm not familiar with the Canadian consumer tax code, but in the US, if debt is forgiven, you can receive a 1099 for that amount, which makes it taxable income to the recipient. It's not the big "somebody has to pay for it!!!!" deal that it's being made out to be. 

[proudlyfromNJ]

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@Puppy Lips wrote:
I would absolutely pay it back. And if Chase Bank world not accept it, then I would donate it to an animal shelter.

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@Puppy Lips.  I vote for the animal shelter!

[Nuttmeg]

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@haddon9 wrote:

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@Bhvbum wrote:

What I find really interesting the folks who think they are special because they don’t have a credit card balance. I almost never have a credit card balance, but right now I have one of about $2500. But that’s only because I had major work done on my house and I chose to put it on my credit card to earn air miles. Interest rates are also very very low. 

What is wrong with using credit?

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@Bhvbum  People like to publicly pat themselves on the back...it makes them feel good.

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IMHO credit is a resource. Resources are used in time of need. Does a person take $40-50K from their savings to buy a car or get loan? 

[Boehm Collector]

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@Johnnyeager wrote:

I'll never understand why people get so angry when something like this occurs.  

Because they don't benefit, no one should?

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@Johnnyeager  ....   I only charge things IF I know I can afford to pay them off in full each month.  If I can't afford to pay it off , I either (a) don't buy it or (b) wait until I have enough money to pay for it in full.  So, yes, it makes me angry that people in Canada who have balances on their Chase Cards don't have to pay it back. (BTW, I am not in Canada).   It is unfair to those in Canada who paid their balances in full each month.  What is Chase doing for them??? 

[Anonymous032819]

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@Boehm Collector wrote:

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@Johnnyeager wrote:

I'll never understand why people get so angry when something like this occurs.  

Because they don't benefit, no one should?

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@Johnnyeager  ....   I only charge things IF I know I can afford to pay them off in full each month.  If I can't afford to pay it off , I either (a) don't buy it or (b) wait until I have enough money to pay for it in full.  So, yes, it makes me angry that people in Canada who have balances on their Chase Cards don't have to pay it back. (BTW, I am not in Canada).   It is unfair to those in Canada who paid their balances in full each month.  What is Chase doing for them??? 

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Who said that life was supposed to be "fair"?

Don't look down your nose at those who are not able to pay off their credit cards each month.

You do not know their financial situations.

Maybe their car needed repairs.

Maybe doctor bills had to be paid.

Bragging about "being able to either pay cash up front, or pay the bill in full each month" (and yes, that's exactly what it is: Bragging) make one look like they are better than, and "smarter" than those who can't ot don't.

So if those people got their balences paid off, good for them!

[Johnnyeager]

Chase doesn't owe anything to those who decided to pay off their balances in full each month 

Doing that was their choice.  Chase didn't demand it.

We each make our own financial decisions based upon our own situations.  

[sidsmom]

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@Boehm Collector wrote:

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@Johnnyeager  ....   I only charge things IF I know I can afford to pay them off in full each month.  If I can't afford to pay it off , I either (a) don't buy it or (b) wait until I have enough money to pay for it in full.  So, yes, it makes me angry that people in Canada who have balances on their Chase Cards don't have to pay it back. (BTW, I am not in Canada).   It is unfair to those in Canada who paid their balances in full each month.  What is Chase doing for them??? 

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Wow!

I a.l.m.o.s.t. heard the foot stamp.

[Puppy Lips]

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@Boehm Collector wrote:

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@Johnnyeager wrote:

I'll never understand why people get so angry when something like this occurs.  

Because they don't benefit, no one should?

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@Johnnyeager  ....   I only charge things IF I know I can afford to pay them off in full each month.  If I can't afford to pay it off , I either (a) don't buy it or (b) wait until I have enough money to pay for it in full.  So, yes, it makes me angry that people in Canada who have balances on their Chase Cards don't have to pay it back. (BTW, I am not in Canada).   It is unfair to those in Canada who paid their balances in full each month.  What is Chase doing for them??? 

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@Boehm Collector It is the same old story.  People who are responsible do not get any breaks.  From a previous post, it sound like the credit card holders could not pay off their existing balances in 17 months.  They were overextended and Chase figured they either would not get the rest of their payments or it was costing too much to deal with it.  I guess the only benefit to being and acting fiscally responsible is being able to sleep at night.