When a Debt is Forgiven

This is the first time I read a news article like this -- "Chase Bank is forgiving all outstanding debt owed by customers of its two Canadian credit cards as it exits the country’s market." Rare, indeed.

I thought it was another fake news so I Google-searched for more related articles.

It says that "It confirmed on Thursday that it was forgiving all outstanding debts owed by customers of its two Canadian credit cards."

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Chase Bank forgiving all debt owed by Canadian credit card customers
Chase Bank forgives all credit card debt for customers in Canada

This is indeed unbelievable to see their Canadian clients' debts wiped out clean. One (1) debtor even experienced a reimbursement of his last payment.

I read many stories here in the United Arab Emirates (UAE) about prisoners who were jailed due to financial issues then freed by the rulers and some philanthropists. I read a few stories about requests of debtors with big amounts of payables that through the intervention of lawyers or some organizations, were given big discounts to get cleared to start their new lives. Those are miracles from God so who will not be feeling over the moon?

When a debt is forgiven, it is from heaven. When a financial problem gets out of control, it can be a nightmare, terribly horrible.  Benjamin Disraeli said,

Debt is a prolific mother of folly and of crime.

Many accidents and murders are caused by hot-tempered people. Most of them have financial issues.

Debt-trapped ones are stressed and we know that stress is a silent killer. They experience depression and their mental health is compromised. The common cause of couple separation or divorce is a financial problem, at the expense of innocent children.  Those who are threatened and harassed repeatedly by collectors feel humiliated, tend to isolate, get sick, and many hopeless debtors committed suicide.

When the number of prisoners due to financial issues is big, it is alarming. It affects the families, communities and the country because the economy is the base in the peace pyramid. One thing, how can a family be happy when one member is in imprisoned due to debts? It hurts when a person gets jailed after losing a job and ended up with huge debts to meet the basic and emergency needs of the family.

Remember Thomas Fuller's line?

Debt is the worst poverty.

I hope that many banks here will consider forgiving the dues of those debtors, with special mention of who have been hit by the Great Recession, whose total payments have exceeded the principal amount of payables or the maximum credit line, and wipe them out clean. I know that there are many people who have not yet recovered from that painful hit. The payables ballooned to crazy figures due to interests.

A Yiddish proverb --

Interest on debts grow without rain.

A review of all accounts and forgiveness for those who are worthy of it will indeed be a big miracle and will be a historic milestone. It will mean a life reboot and great happiness to many, many people.

If only debtors will be given a chance to pay their debts through services, that will help also both sides (creditor and debtor). Say, the creditor will hire the qualified ones (for regular or part-time jobs) to help clear their debts. There is this 2018 Italian drama film "Forgive Us Our Debts" (released by Netflix in May 2018) about a man struggling under the crushing weight of debt who has to work as a debt collector to pay off his creditors.

Former Philippine Senator Manny Villar, the Philippines' richest man, negotiated a debt-restructuring of sorts when his largest customer in his seafood trading (his first business after quitting his first job as a certified public accountant at SGV & Co, the country's largest accounting firm) was unable to pay him, by selling discounted meal tickets to office workers in exchange for receivables. (Reference: Wikipedia)

Bad things happen even to good people of good standing in unexpected troubled times. Even big companies and banks with the best brains experience it. Faith is put to test when it happens. All we can do is pray, be tough, guard mental health, and move on. There is a solution to every problem.

Believe in miracles. Sometimes debt is forgiven without any string attached. In an unexpected time, heaven gives a gift with the initiative of the creditor as a vehicle of blessing. Who knows when the universe will attract what we ask for in prayer without ceasing?

Nonetheless, this is rare to happen. We must embrace our responsibilities. The best thing to do is to passionately mix our wishful thinking with strategic actions that will bring us closer to our desired total financial freedom.

Hopefully, with joint efforts and massive financial literacy campaigns, we can create a debt-free generations in the decades to come. They will have Thomas Jefferson's line in their minds as a mantra --

Never spend your money before you have it.

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Photo credits:  Pixabay