Common use of Credit Cards Clause in Contracts

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group University of Victoria (n=287) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 56% One 45% 42% 42% 50% 31% Two 7% 6% 6% 8% 4% Three or more 8% 10% 7% 9% 8% Average number 1.8 2.8 1.2 2.2 1.7 Regularly pay off balance each month* Yes 88% 83% 88% 89% 89% Total credit card balance* Zero 7% 2% 14% 2% - $500 or less 83% 83% 79% 87% 94% $501 to $1,000 5% 7% 4% 6% 2% Over $1,000 5% 8% 4% 6% 5% Average (all with credit card) $487 $652 $352 $564 $161 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group Xxxxxxx University of Victoria (n=287n=133) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5643% One 45% 42% 42% 50% 3145% Two 7% 6% 6% 8% 43% Three or more 8% 10% 7% 9% 89% Average number 1.8 2.8 1.2 2.2 1.7 1.2 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8980% Total credit card balance* Zero 7% 2% 14% 2% - $500 or less 83% 83% 79% 87% 9482% $501 to $1,000 5% 7% 4% 6% 29% Over $1,000 5% 8% 4% 6% 59% Average (all with credit card) $487 $652 $352 $564 $161 385 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 974 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6093% of first-year graduating students reported report they have at least one credit card, although just 15including 29% who say they have two or more cardsmore. Among those students who have credit cards, about 8879% reported report they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 737% said say it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students2,771. Table 47: Credit cards All students (n=14,886n=14,760) Group University of Victoria Winnipeg (n=287n=285) 1 (n=3,136n=3,531) 2 (n=6,176n=6,238) 3 (n=5,574n=4,991) Number of credit cards (FIN1) None 40% 42% 45% 32% 56% One 45% 42% 42% 50% 31% Two 7% 6% 6% 8% 47% 7% 8% One 64% 65% 62% 66% 64% Two 21% 19% 22% 20% 21% Three or more 8% 107% 8% 7% 97% 8% Average number 1.8 2.8 1.2 2.2 1.7 Regularly pay off balance each month* (FIN2) Yes 8879% 8370% 8881% 8980% 8969% Total credit card balance* (FIN3) Zero 737% 234% 1437% 238% - 35% $500 or less 8314% 8314% 7913% 8714% 9415% $501 to $1,000 56% 6% 6% 7% 4% 6% 2% Over $1,000 510% 14% 8% 410% 614% 5Don't know 33% 32% 36% 31% 31% Average (all those with credit card) $487 792 $652 1,176 $352 655 $564 753 $161 1,408 Average (those with unpaid balance) $1,549 2,771 $1,954 3,366 $1,249 2,395 $1,648 2,745 $681 4,601 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6057% of first-year students reported they have having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 8887% reported that they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 736% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students1,047. Table 47: Credit cards All students (n=14,886n=18,092) Group University of Victoria Winnipeg (n=287n=494) 1 (n=3,136n=6,335) 2 (n=6,176n=6,712) 3 (n=5,574n=5,045) Number of credit cards (FIN1) None 4043% 53% 43% 36% 47% One 42% 35% 42% 4548% 32% 56% One 45% 42% 42% 50% 3139% Two 76% 4% 6% 6% 8% 46% Three or more 8% 10% 79% 9% 89% Average number 1.8 2.8 1.2 2.2 1.7 9% 9% Regularly pay off balance each month* (FIN2) Yes 8887% 83% 88% 8987% 8981% Total credit card balance* (FIN3) Zero 736% 234% 1435% 238% - 33% $500 or less 839% 839% 799% 879% 9410% $501 to $1,000 53% 73% 2% 3% 4% 6% 2% Over $1,000 52% 82% 41% 62% 53% Don't know 51% 52% 53% 48% 49% Average (all with credit card) $487 196 $652 268 $352 158 $564 205 $161 236 Average (those with unpaid balance) $1,549 1,047 $1,954 1,450 $1,249 803 $1,648 1,041 $681 895 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6057% of first-year students reported they have having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 8887% reported that they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 736% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students1,047. Table 47: Credit cards All students (n=14,886n=18,092) Group University of Victoria (n=287n=378) 1 (n=3,136n=6,335) 2 (n=6,176n=6,712) 3 (n=5,574n=5,045) Number of credit cards (FIN1) None 4043% 53% 43% 36% 57% One 42% 35% 42% 4548% 32% 56% One 45% 42% 42% 50% 3133% Two 76% 4% 6% 6% 8% 42% Three or more 89% 109% 79% 9% 8% Average number 1.8 2.8 1.2 2.2 1.7 Regularly pay off balance each month* (FIN2) Yes 8887% 83% 88% 8987% 8988% Total credit card balance* (FIN3) Zero 736% 234% 1435% 238% - 32% $500 or less 839% 839% 799% 879% 945% $501 to $1,000 53% 7% 4% 63% 2% 3% 1% Over $1,000 52% 82% 41% 62% 51% Don't know 51% 52% 53% 48% 60% Average (all with credit card) $487 196 $652 268 $352 158 $564 205 $161 154 Average (those with unpaid balance) $1,549 1,047 $1,954 1,450 $1,249 803 $1,648 1,041 $681 652 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6093% of first-year graduating students reported report they have at least one credit card, although just 15including 29% who say they have two or more cardsmore. Among those students who have credit cards, about 8879% reported report they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 737% said say it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students2,771. Table 47: Credit cards All students (n=14,886n=14,760) Group University of Victoria (n=287n=339) 1 (n=3,136n=3,531) 2 (n=6,176n=6,238) 3 (n=5,574n=4,991) Number of credit cards (FIN1) None 40% 42% 45% 32% 56% One 45% 42% 42% 50% 31% Two 7% 6% 6% 8% 7% 7% 4% One 64% 65% 62% 66% 65% Two 21% 19% 22% 20% 24% Three or more 8% 107% 8% 7% 9% 8% Average number 1.8 2.8 1.2 2.2 1.7 Regularly pay off balance each month* (FIN2) Yes 8879% 8370% 8881% 8980% 8977% Total credit card balance* (FIN3) Zero 737% 234% 1437% 238% - 39% $500 or less 8314% 8314% 7913% 8714% 9412% $501 to $1,000 56% 6% 6% 7% 4% 6% 25% Over $1,000 510% 14% 8% 410% 610% 5Don't know 33% 32% 36% 31% 34% Average (all those with credit card) $487 792 $652 1,176 $352 655 $564 753 $161 639 Average (those with unpaid balance) $1,549 2,771 $1,954 3,366 $1,249 2,395 $1,648 2,745 $681 2,334 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6057% of first-year students reported they have having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 8887% reported that they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 736% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students1,047. Table 47: Credit cards All students (n=14,886n=18,092) Group University of Victoria Manitoba (n=287n=230) 1 (n=3,136n=6,335) 2 (n=6,176n=6,712) 3 (n=5,574n=5,045) Number of credit cards (FIN1) None 4043% 53% 43% 36% 39% One 42% 35% 42% 4548% 32% 56% One 45% 42% 42% 50% 3148% Two 76% 4% 6% 6% 8% 42% Three or more 8% 10% 79% 9% 89% Average number 1.8 2.8 1.2 2.2 1.7 9% 11% Regularly pay off balance each month* (FIN2) Yes 8887% 83% 88% 8987% 8987% Total credit card balance* (FIN3) Zero 736% 234% 1435% 238% - 39% $500 or less 839% 839% 799% 879% 9414% $501 to $1,000 53% 7% 4% 63% 2% 3% 3% Over $1,000 52% 82% 41% 62% 5<1% Don't know 51% 52% 53% 48% 44% Average (all with credit card) $487 196 $652 268 $352 158 $564 205 $161 99 Average (those with unpaid balance) $1,549 1,047 $1,954 1,450 $1,249 803 $1,648 1,041 $681 767 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6057% of first-year students reported they have having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 8887% reported that they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 736% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students1,047. Table 47: Credit cards All students (n=14,886n=18,092) Group University of Victoria Ottawa (n=287n=1,477) 1 (n=3,136n=6,335) 2 (n=6,176n=6,712) 3 (n=5,574n=5,045) Number of credit cards (FIN1) None 4043% 53% 43% 36% 38% One 42% 35% 42% 4548% 32% 56% One 45% 42% 42% 50% 3149% Two 76% 4% 6% 6% 8% 47% Three or more 8% 10% 79% 9% 89% Average number 1.8 2.8 1.2 2.2 1.7 9% 6% Regularly pay off balance each month* (FIN2) Yes 8887% 83% 88% 8987% 8988% Total credit card balance* (FIN3) Zero 736% 234% 1435% 238% - 40% $500 or less 839% 839% 799% 879% 949% $501 to $1,000 53% 7% 4% 63% 2% 3% 3% Over $1,000 52% 82% 41% 62% 52% Don't know 51% 52% 53% 48% 46% Average (all with credit card) $487 196 $652 268 $352 158 $564 205 $161 221 Average (those with unpaid balance) $1,549 1,047 $1,954 1,450 $1,249 803 $1,648 1,041 $681 1,090 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group Xxxxx University of Victoria (n=287n=542) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5646% One 45% 42% 42% 50% 3141% Two 7% 6% 6% 8% 48% Three or more 8% 10% 7% 9% 86% Average number 1.8 2.8 1.2 2.2 1.7 .8 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8991% Total credit card balance* Zero 7% 2% 14% 2% - 5% $500 or less 83% 83% 79% 87% 9488% $501 to $1,000 5% 7% 4% 6% 25% Over $1,000 5% 8% 4% 6% 52% Average (all with credit card) $487 $652 $352 $564 $161 176 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 1,174 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group McMaster University of Victoria (n=287n=675) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5640% One 45% 42% 42% 50% 3147% Two 7% 6% 6% 8% 47% Three or more 8% 10% 7% 9% 85% Average number 1.8 2.8 1.2 2.2 1.7 1.4 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8991% Total credit card balance* Zero 7% 2% 14% 2% - 4% $500 or less 83% 83% 79% 87% 9488% $501 to $1,000 5% 7% 4% 6% 26% Over $1,000 5% 8% 4% 6% 52% Average (all with credit card) $487 $652 $352 $564 $161 249 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 1,663 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group University of Victoria Lethbridge (n=287n=357) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5642% One 45% 42% 42% 50% 3147% Two 7% 6% 6% 8% 45% Three or more 8% 10% 7% 9% 87% Average number 1.8 2.8 1.2 2.2 1.7 1.4 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8988% Total credit card balance* Zero 7% 2% 14% 2% - 7% $500 or less 83% 83% 79% 87% 9479% $501 to $1,000 5% 7% 4% 6% 26% Over $1,000 5% 8% 4% 6% 57% Average (all with credit card) $487 $652 $352 $564 $161 2,208 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 4,801 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 6093% of first-year graduating students reported report they have at least one credit card, although just 15including 29% who say they have two or more cardsmore. Among those students who have credit cards, about 8879% reported report they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 737% said say it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students2,771. Table 47: Credit cards All students (n=14,886n=14,760) Group University of Victoria Manitoba (n=287n=581) 1 (n=3,136n=3,531) 2 (n=6,176n=6,238) 3 (n=5,574n=4,991) Number of credit cards (FIN1) None 407% 428% 457% 32% 56% One 45% 42% 42% 50% 31% Two 7% 6% 6One 64% 865% 462% 66% 66% Two 21% 19% 22% 20% 22% Three or more 8% 107% 8% 7% 96% 8% Average number 1.8 2.8 1.2 2.2 1.7 Regularly pay off balance each month* (FIN2) Yes 8879% 8370% 8881% 8980% 8978% Total credit card balance* (FIN3) Zero 737% 234% 1437% 238% - 38% $500 or less 8314% 8314% 7913% 8714% 9412% $501 to $1,000 56% 6% 6% 7% 4% 6% 27% Over $1,000 510% 14% 8% 410% 611% 5Don't know 33% 32% 36% 31% 32% Average (all those with credit card) $487 792 $652 1,176 $352 655 $564 753 $161 899 Average (those with unpaid balance) $1,549 2,771 $1,954 3,366 $1,249 2,395 $1,648 2,745 $681 3,089 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group XxXxxx University of Victoria (n=287n=764) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5622% One 45% 42% 42% 50% 3153% Two 7% 6% 6% 8% 412% Three or more 8% 10% 7% 9% 814% Average number 1.8 2.8 1.2 2.2 1.7 3.6 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8990% Total credit card balance* Zero 7% 2% 14% 2% - 4% $500 or less 83% 83% 79% 87% 9485% $501 to $1,000 5% 7% 4% 6% 25% Over $1,000 5% 8% 4% 6% 57% Average (all with credit card) $487 $652 $352 $564 $161 471 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 1,871 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group University of Victoria Winnipeg (n=287n=353) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5649% One 45% 42% 42% 50% 3136% Two 7% 6% 6% 8% 46% Three or more 8% 10% 7% 9% 89% Average number 1.8 2.8 1.2 2.2 1.7 1.4 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8981% Total credit card balance* Zero 7% 2% 14% 2% - 9% $500 or less 83% 83% 79% 87% 9475% $501 to $1,000 5% 7% 4% 6% 24% Over $1,000 5% 8% 4% 6% 511% Average (all with credit card) $487 $652 $352 $564 $161 459 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 1,814 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 60% of first-year students reported they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, about 88% reported they pay off their balance each month and, as such, their current credit card balance is zero; however, when asked what their current credit card balance is, just 7% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,549. Group 1 students tend to carry a higher balance on their credit cards than Group 2 and Group 3 students. Table 47: Credit cards All students (n=14,886) Group Nipissing University of Victoria (n=287n=231) 1 (n=3,136) 2 (n=6,176) 3 (n=5,574) Number of credit cards None 40% 42% 45% 32% 5631% One 45% 42% 42% 50% 3152% Two 7% 6% 6% 8% 45% Three or more 8% 10% 7% 9% 812% Average number 1.8 2.8 1.2 2.2 1.7 2.1 Regularly pay off balance each month* Yes 88% 83% 88% 89% 8991% Total credit card balance* Zero 7% 2% 14% 2% - 6% $500 or less 83% 83% 79% 87% 9484% $501 to $1,000 5% 7% 4% 6% 26% Over $1,000 5% 8% 4% 6% 54% Average (all with credit card) $487 $652 $352 $564 $161 238 Average (those with unpaid balance) $1,549 $1,954 $1,249 $1,648 $681 1,403 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.