According to multiple reports, Chase Bank has canceled all credit card debt for its Canadians customers after announcing the bank’s exit from the Canadian credit market.

In a statement issued by VP of Communications Maria Martinez,

“Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit.” 

Chase Bank, part of the New York-based JP Morgan Chase & Co., originally told customers to continue paying down their debt after the company decided to close its Canadian operation over a year ago. But the closing of all accounts was a recent decision that has many Canadians breathing a sigh of relief.