Common use of Credit Cards Clause in Contracts

Credit Cards. About 57% of first-year students reported having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87% 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 36% said it is zero. Among those with an unpaid balance, the average credit card debt is $1,047. Table 47: Credit cards All students (n=18,092) Group University of Manitoba (n=230) 1 (n=6,335) 2 (n=6,712) 3 (n=5,045) Number of credit cards (FIN1) None 43% 53% 43% 36% 39% One 42% 35% 42% 48% 48% Two 6% 4% 6% 6% 2% Three or more 9% 9% 9% 9% 11% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 87% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 39% $500 or less 9% 9% 9% 9% 14% $501 to $1,000 3% 3% 2% 3% 3% Over $1,000 2% 2% 1% 2% <1% Don't know 51% 52% 53% 48% 44% Average (all with credit card) $196 $268 $158 $205 $99 Average (those with unpaid balance) $1,047 $1,450 $803 $1,041 $767 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group University of Manitoba Winnipeg (n=230n=353) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 4340% 5342% 4345% 32% 49% One 45% 42% 42% 50% 36% 39% One 42% 35% 42% 48% 48% Two 6% 47% 6% 6% 28% 6% Three or more 98% 10% 7% 9% 9% 9% 11% Average number 1.8 2.8 1.2 2.2 1.4 Regularly pay off balance each month* (FIN2) Yes 8788% 83% 88% 8789% 8781% Total credit card balance* (FIN3) Zero 367% 342% 3514% 382% 399% $500 or less 983% 983% 979% 987% 1475% $501 to $1,000 35% 37% 24% 36% 34% Over $1,000 25% 28% 14% 26% <1% Don't know 51% 52% 53% 48% 4411% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 459 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 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 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group Xxxxx University of Manitoba (n=230n=542) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 43% 53% 43% 36% 39% One 42% 3540% 42% 4845% 4832% 46% One 45% 42% 42% 50% 41% Two 6% 47% 6% 6% 28% 8% Three or more 98% 10% 7% 9% 96% 9% 11% Average number 1.8 2.8 1.2 2.2 .8 Regularly pay off balance each month* (FIN2) Yes 8788% 83% 88% 8789% 8791% Total credit card balance* (FIN3) Zero 367% 342% 3514% 382% 395% $500 or less 983% 983% 979% 987% 1488% $501 to $1,000 35% 37% 24% 36% 35% Over $1,000 25% 8% 4% 6% 2% 1% 2% <1% Don't know 51% 52% 53% 48% 44% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 176 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 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 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group McMaster University of Manitoba (n=230n=675) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 43% 53% 43% 36% 39% One 42% 3540% 42% 4845% 4832% 40% One 45% 42% 42% 50% 47% Two 7% 6% 6% 8% 7% Three or more 8% 10% 7% 9% 5% Average number 1.8 2.8 1.2 2.2 1.4 Regularly pay off balance each month* Yes 88% 83% 88% 89% 91% Total credit card balance* Zero 7% 2% 14% 2% 4% $500 or less 83% 83% 79% 87% 88% $501 to $1,000 5% 7% 4% 6% 6% 2% Three or more 9% 9% 9% 9% 11% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 87% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 39% $500 or less 9% 9% 9% 9% 14% $501 to $1,000 3% 3% 2% 3% 3% Over $1,000 25% 8% 4% 6% 2% 1% 2% <1% Don't know 51% 52% 53% 48% 44% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 249 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 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 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group University of Manitoba Lethbridge (n=230n=357) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 43% 53% 43% 36% 39% One 42% 3540% 42% 4845% 4832% 42% One 45% 42% 42% 50% 47% Two 7% 6% 6% 8% 5% Three or more 8% 10% 7% 9% 7% Average number 1.8 2.8 1.2 2.2 1.4 Regularly pay off balance each month* Yes 88% 83% 88% 89% 88% Total credit card balance* Zero 7% 2% 14% 2% 7% $500 or less 83% 83% 79% 87% 79% $501 to $1,000 5% 7% 4% 6% 6% 2% Three or more 9% 9% 9% 9% 11% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 87% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 39% $500 or less 9% 9% 9% 9% 14% $501 to $1,000 3% 3% 2% 3% 3% Over $1,000 25% 28% 14% 26% <1% Don't know 51% 52% 53% 48% 447% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 2,208 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 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 5793% of first-year graduating students reported having 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, 87about 79% reported that 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 3637% said say it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0472,771. Table 47: Credit cards All students (n=18,092n=14,760) Group University of Manitoba (n=230n=581) 1 (n=6,335n=3,531) 2 (n=6,712n=6,238) 3 (n=5,045n=4,991) Number of credit cards (FIN1) None 437% 538% 437% 36% 39% One 42% 35% 42% 48% 48% Two 6% 47% 6% 6One 64% 265% 62% 66% 66% Two 21% 19% 22% 20% 22% Three or more 98% 97% 98% 97% 116% Regularly pay off balance each month* (FIN2) Yes 8779% 8370% 8881% 8780% 8778% Total credit card balance* (FIN3) Zero 3637% 34% 3537% 38% 3938% $500 or less 9% 9% 9% 914% 14% 13% 14% 12% $501 to $1,000 36% 36% 26% 37% 37% Over $1,000 210% 214% 18% 210% <111% Don't know 5133% 5232% 5336% 4831% 4432% Average (all those with credit card) $196 792 $268 1,176 $158 655 $205 753 $99 899 Average (those with unpaid balance) $1,047 2,771 $1,450 3,366 $803 2,395 $1,041 2,745 $767 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 5785% of firstmiddle-year years students reported having 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, 87about 80% reported that 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, is just 3637% said say it is zero. Among those with an unpaid balance, balance the average credit card debt students have is $1,0472,959. Although differences in credit card use fall below the threshold for statistical significance, results indicate that Group 1 students are less likely than Group 2 or Group 3 students to regularly pay off their credit card debt and hold higher levels of credit card debt on average. Table 4721: Credit cards All students (n=18,092n=22,537) Group University of Manitoba the Fraser Valley (n=230n=386) 1 (n=6,335n=7,117) 2 (n=6,712n=7,054) 3 (n=5,045n=8,366) Number of credit cards (FIN1) None 4315% 5313% 4316% 3614% 399% One 4257% 3554% 4256% 4859% 4860% Two 615% 415% 614% 615% 212% Three or more 914% 918% 914% 912% 1119% Average number 6.0 7.2 5.7 5.6 9.2 Regularly pay off balance each month* (FIN2) Yes 8780% 8373% 8879% 8785% 8779% Total credit card balance* (FIN3) Zero 3637% 34% 35% 3836% 39% 35% $500 or less 941% 936% 944% 942% 1439% $501 to $1,000 311% 311% 210% 311% 38% Over $1,000 212% 219% 110% 28% <1% Don't know 51% 52% 53% 48% 4418% Average (all with credit card) $196 932 $268 1,534 $158 695 $205 743 $99 925 Average (those with unpaid balance) $1,047 2,959 $1,450 4,740 $803 1,896 $1,041 2,109 $767 3,110 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 57% of first-year students reported having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87% 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 36% said it is zero. Among those with an unpaid balance, the average credit card debt is $1,047. Table 47: Credit cards All students (n=18,092) Group University of Manitoba Winnipeg (n=230n=494) 1 (n=6,335) 2 (n=6,712) 3 (n=5,045) Number of credit cards (FIN1) None 43% 53% 43% 36% 3947% One 42% 35% 42% 48% 4839% Two 6% 4% 6% 6% 26% Three or more 9% 9% 9% 9% 119% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 8781% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 3933% $500 or less 9% 9% 9% 9% 1410% $501 to $1,000 3% 3% 2% 3% 34% Over $1,000 2% 2% 1% 2% <13% Don't know 51% 52% 53% 48% 4449% Average (all with credit card) $196 $268 $158 $205 $99 236 Average (those with unpaid balance) $1,047 $1,450 $803 $1,041 $767 895 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group Nipissing University of Manitoba (n=230n=231) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 43% 53% 43% 36% 39% One 42% 3540% 42% 4845% 4832% 31% One 45% 42% 42% 50% 52% Two 7% 6% 6% 8% 5% Three or more 8% 10% 7% 9% 12% Average number 1.8 2.8 1.2 2.2 2.1 Regularly pay off balance each month* Yes 88% 83% 88% 89% 91% Total credit card balance* Zero 7% 2% 14% 2% 6% $500 or less 83% 83% 79% 87% 84% $501 to $1,000 5% 7% 4% 6% 6% 2% Three or more 9% 9% 9% 9% 11% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 87% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 39% $500 or less 9% 9% 9% 9% 14% $501 to $1,000 3% 3% 2% 3% 3% Over $1,000 25% 28% 14% 26% <1% Don't know 51% 52% 53% 48% 444% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 238 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 1,403 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 57% of first-year students reported having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87% 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 36% said it is zero. Among those with an unpaid balance, the average credit card debt is $1,047. Table 47: Credit cards All students (n=18,092) Group University of Manitoba Victoria (n=230n=378) 1 (n=6,335) 2 (n=6,712) 3 (n=5,045) Number of credit cards (FIN1) None 43% 53% 43% 36% 3957% One 42% 35% 42% 48% 4833% Two 6% 4% 6% 6% 2% Three or more 9% 9% 9% 9% 118% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 8788% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 3932% $500 or less 9% 9% 9% 9% 145% $501 to $1,000 3% 3% 2% 3% 31% Over $1,000 2% 2% 1% 2% <1% Don't know 51% 52% 53% 48% 4460% Average (all with credit card) $196 $268 $158 $205 $99 154 Average (those with unpaid balance) $1,047 $1,450 $803 $1,041 $767 652 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.

Credit Cards. About 5793% of first-year graduating students reported having 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, 87about 79% reported that 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 3637% said say it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0472,771. Table 47: Credit cards All students (n=18,092n=14,760) Group University of Manitoba Winnipeg (n=230n=285) 1 (n=6,335n=3,531) 2 (n=6,712n=6,238) 3 (n=5,045n=4,991) Number of credit cards (FIN1) None 437% 538% 437% 367% 398% One 4264% 3565% 4262% 4866% 4864% Two 621% 419% 622% 620% 221% Three or more 98% 97% 98% 97% 117% Regularly pay off balance each month* (FIN2) Yes 8779% 8370% 8881% 8780% 8769% Total credit card balance* (FIN3) Zero 3637% 34% 3537% 38% 3935% $500 or less 9% 9% 9% 914% 14% 13% 14% 15% $501 to $1,000 36% 36% 26% 37% 34% Over $1,000 210% 214% 18% 210% <114% Don't know 5133% 5232% 5336% 4831% 4431% Average (all those with credit card) $196 792 $268 1,176 $158 655 $205 753 $99 1,408 Average (those with unpaid balance) $1,047 2,771 $1,450 3,366 $803 2,395 $1,041 2,745 $767 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 57% of first-year students reported having at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87% 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 36% said it is zero. Among those with an unpaid balance, the average credit card debt is $1,047. Table 47: Credit cards All students (n=18,092) Group University of Manitoba Ottawa (n=230n=1,477) 1 (n=6,335) 2 (n=6,712) 3 (n=5,045) Number of credit cards (FIN1) None 43% 53% 43% 36% 3938% One 42% 35% 42% 48% 4849% Two 6% 4% 6% 6% 27% Three or more 9% 9% 9% 9% 116% Regularly pay off balance each month* (FIN2) Yes 87% 83% 88% 87% 8788% Total credit card balance* (FIN3) Zero 36% 34% 35% 38% 3940% $500 or less 9% 9% 9% 9% 149% $501 to $1,000 3% 3% 2% 3% 3% Over $1,000 2% 2% 1% 2% <12% Don't know 51% 52% 53% 48% 4446% Average (all with credit card) $196 $268 $158 $205 $99 221 Average (those with unpaid balance) $1,047 $1,450 $803 $1,041 $767 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 5760% of first-year students reported having they have at least one credit card, although just 15% have two or more cards. Among those students who have credit cards, 87about 88% 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 367% said it is zero. Among those with an unpaid balance, the average credit card debt students have is $1,0471,549. 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=18,092n=14,886) Group Xxxxxxx University of Manitoba (n=230n=133) 1 (n=6,335n=3,136) 2 (n=6,712n=6,176) 3 (n=5,045n=5,574) Number of credit cards (FIN1) None 4340% 5342% 45% 32% 43% 36% 39% One 42% 3545% 42% 4842% 4850% 45% Two 6% 47% 6% 6% 28% 3% Three or more 98% 10% 7% 9% 9% 9% 11% Average number 1.8 2.8 1.2 2.2 1.2 Regularly pay off balance each month* (FIN2) Yes 8788% 83% 88% 8789% 8780% Total credit card balance* (FIN3) Zero 367% 342% 3514% 382% 39% - $500 or less 983% 983% 979% 987% 1482% $501 to $1,000 35% 37% 24% 36% 39% Over $1,000 25% 28% 14% 26% <1% Don't know 51% 52% 53% 48% 449% Average (all with credit card) $196 487 $268 652 $158 352 $205 564 $99 385 Average (those with unpaid balance) $1,047 1,549 $1,450 1,954 $803 1,249 $1,041 1,648 $767 974 * Total credit card balance and payment of the balance were asked of those who had at least one credit card.