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 HelloReturn to index of stories... |
Hello. I'm Allison McNair. Welcome to NH Outlook. |
| Preshow #1 Return to index of stories... |
In this program, managing debt. We'll look at small businesse and personal bankruptcy. |
| Preshow #2 Return to index of stories... |
And later, financial literacy for the young people in your life. |
| Intro Bankruptcies Return to index of stories... |
The US unemployment rate has reached its highest level in more than nine years. In the past three months alone, nearly a million people have lost their jobs. While the US rate is at 6-point-nine percent, New Hampshire's rate stayed the same from May to June. The preliminary seasonally adjusted rate stands at 3-point nine percent. One rate is on the rise: personal bankruptcies. And small business owners are facing the toughest challenges. |
| Bankruptcies Return to index of stories... |
FROM WRAPS TO RICHES. TO CHAPTER ELEVEN. In 1996. CLAY WALKER OPENed THE EMERALD PLANET IN DOWNTOWN MANHATTAN, SERVING SANDWICH WRAPS AND SMOOTHIES. REVIEWS WERE GREAT -- ONE RESTAURANT GUIDE, SAID "DIEHARDS DEMAND MORE LOCATIONS" SO CLAY WALKER TRIED TO MEET DEMAND -- AND OPENED A SECOND STORE IN ROCKEFELLER CENTER. THEN COMES THE BEAR MARKET, SEPTEMBER 11 AND CORPORATE CUTBACKS. sot-I was just hoping that the economy would come around in time to save the business. Unfortunately, we just ran out of gas. We couldn't keep up. We couldn't pay the rent any more, and we couldn't keep up with our expenses. So we had to file Chapter 11. BUSINESS FAILURE IS A FACT OF LIFE IN AMERICA -- LAST YEAR AMERICANS STARTED NEW BUSINESSES AT THE RATE OF 21-HUNDRED EVERY WEEKDAY. TROUBLE IS, ON AVERAGE, 22-HUNDRED BUSINESSES CLOSED EVERY DAY. OFFICIAL STATISTICS SHOW BUSINESS BANKRUPTCIES HAVE ACTUALLY DROPPED SHARPLY OVER THE PAST 15 YEARS -- FROM 82-THOUSAND IN 1987 TO JUST 38 THOUSAND LAST YEAR. BUT NEW RESEARCH INDICATES THAT ONE IN SEVEN PERSONAL BANKRUPTCIES -- 207-THOUSAND LAST YEAR -- ARE RELATED TO A STRUGGLING SMALL BUSINESS. sot-We've been doing a study of small busineses and bankruptcy, and what we find are that there are a lot of people out there who are showing up on the bankruptcy statistics as consumers, but in fact are in bankrupcty because of some underlying business problem. HERE'S A PROFILE OF THOSE PERSONAL/SLASH BUSINESS BANKRUPTCIES: MONTHLY INCOME, 33 HUNDRED DOLLARS. MONTHLY EXPENSES, 33 HUNDRED. ASSESTS 125-THOUSAND. LIABILITIES 204 THOUSAND. INCLUDING 32-THOUSAND DOLLARS IN CREDIT CARD DEBT ON NINE CARDS. sot-A lot of businesses have a very small line of credit with their local bank, and then in order to fund additional inventory, or supplies, or whatever, in order to keep their business operating, they often turn to credit cards. CLAY WALKER HEDGED HIS BETS -- EACH RESTAURANT IS ITS OWN COMPANY, SO ONE IS IN BANKRUPTCY, THE OTHER IS STRUGGLING TO STAY OUT OF IT. sot-It's really a race against the clock. If the economy had come back quicker, we might still be in business. I'm hoping it does in time to save this store too. |
| Tag Bankruptcies Return to index of stories... |
The number of personal bankruptcies has been steadily growing in New Hampshire. While fewer business are filing Chapter 13, more and more are individuals are claiming Chapter 7. According to the US bankruptcy office in Manchester, the year is half over and already, more than 1700 people have filed for protection from their creditors. |
| Intro Discussion Return to index of stories... |
Why are so many people seeking protection from creditors and is there a better way to manage debt? Joining us to talk more about managing debt are Kathleen Thomas, a certified financial planner with American Express Financial Services and Kerry York Executive Director of Consumer Credit Counseling of New Hampshire and Vermont. |
| intro jumpstart Return to index of stories... |
How much do you really know about handling your own money? What about the young people in your life? According to an organization called the JumpStart Coalition, young people don't know nearly as much as they should about managing money. They spend about 153 billion dollars a year. As Phil Vaughn first reported last year, they could be managing it better. |
| jumpstart Return to index of stories... |
narration sound "We are made up of volunteers." narration Their mission, in part, is to help high school teachers prepare students for a world of credit cards and IRA's. suzann clip "4 out of 5 students do not receive the financial education." narration Suzann Enzian Knight is a member of JumpStart and a UNH Cooperative Extension specialist. She provides educators like Carlo Nitolli with programs that help students become more aware of their personal financial matters. clip-Carlo "We start off the program with values.the time value of money." clip -Suzann "That's the beauty of the High School Personal Financial Program, it.they end by writing their personal financial plan." sound of Pond narration Jonathan Pond is a financial advisor and author. He recently spoke to a group of teachers at a NH JumpStart convention. clip Pond "It can be an uphill battle to get kids interested in money matters, but it's so important.importance of it." sound Hazel "She writes cheques now." narration Hazel Molin works at NH Public Television and is a parent whose ten year old daughter came to her asking to open a chequing account. clip Hazel "What I did is I went to an educational store and bought this cheque book.it has taught her about writing cheques, saving money and keeping a balance of where her money went to." clip Pond "I've always said that if we teach our children about money matters then they won't need to move back home when we're retired." |
| Intro Jerry Azumah Return to index of stories... |
A University of New Hampshire alumnus is coming home for a different reason. Jerry Azumah is the starting cornerback for the Chicago Bears. The football player graduated in the class of '99. After meeting success with the NFL he has now donated more than one-hundred-thousand-dollars to fund the Jerry Azumah Athletic Performance Center at UNH. At a dedication cermony on Tuesday, many folks had kind words for Jerry. And Jerry himself shared how it feels to give back. |
| Jerry Azumah Return to index of stories... |
Jerry Azuma, UNH alumni and NFL football player: I feel good about giving back you know, um, I've been blessed and I've been a position where I've been fortunate to have so many opportunities presented my way and I just took full advantage of those opportunities and I'm just trying to keep the process going trying to keep the cycle going of continuing you know, the "goodship" and the hard work and basically trying to get everybody involved. Marty Scarano, UNH athletic director We're here to honor him for a number of things and dedicate this room. First and foremost, this is a fabulous facility. It's going to take our athletics to new heights because it's going to effect all 700 student athletes and it's going to make their lives and quality of life much better for many reasons. But what we're most thankful for what's most significant is for a young alum and someone of significance stepping up to a role in leadership in the university and with the athletic department. And we all think this is the most important thing to celebrate today. Sasha Scott, Co-Captain Women's Volleyball Team I just have to mention that one of the best parts of this new performance center is that us female athletes have our very own stations to work at so we don't have to wait for the football players finish lifting, no offense guys. So, thanks to you Jerry and your family we'll have a lot more strong, confident females who aren't intimidated to do squatting, benching, push jerking and learning what in the world a power clean is. AnnWeaver Hart, President UNH When you give, you set a standard for others to give. And we don't all have the resources or the gifts that Jerry brings to the table in meeting with us this after noon to celebrate this wonderful weight center. But each of us has a different set of gifts and resources and I think the example that this very young alumnist has set for us is that we do in fact all owe something to the communities from which we come.so I just wanted to thank you personally. |
| Tomorrow Return to index of stories... |
On the next New Hampshire Outlook - It's our Friday Edition where journalists from around the state discuss the week's top stories. |
| Goodnight Return to index of stories... |
Until next time, connect with us online at nhptv.org. Thanks for watching. |
| founders Return to index of stories... |
Thanks to our founding sponsors who have provided major funding for the production of New Hampshire Outlook: New Hampshire Charitable Foundation Public Service of New Hampshire Stratford Foundation |
| Tonight 10:00 Return to index of stories... |
Tonight on New Hampshire Outlook. Journalists from around the state discuss the week's top stories. Join us tonight at 10:00 only on New Hampshire Outlook. |
| key: Economy / Business Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/10/03 22:00 HOST: Allison McNair Length: 23:00 minutes In this edition of New Hampshire Outlook, NHPTV's nightly news magazine, managing debt. We'll look at small businesse and personal bankruptcy. And later, financial literacy for the young people in your life. The US unemployment rate has reached its highest level in more than nine years. In the past three months alone, nearly a million people have lost their jobs. While the US rate is at 6-point-nine percent, New Hampshire's rate stayed the same from May to June. The preliminary seasonally adjusted rate stands at 3-point nine percent. One rate is on the rise: personal bankruptcies. And small business owners are facing the toughest challenges. Why are so many people seeking protection from creditors and is there a better way to manage debt? Joining us instudio to talk more about managing debt are Kathleen Thomas, a certified financial planner with American Express Financial Services and Kerry York Executive Director of Consumer Credit Counseling of New Hampshire and Vermont. How much do you really know about handling your own money? What about the young people in your life? According to an organization called the JumpStart Coalition, young people don't know nearly as much as they should about managing money. They spend about 153 billion dollars a year. As Phil Vaughn first reported last year, they could be managing it better. PRODUCER/REPORTER: CNN, Allison McNair, Phil Vaughn NAME OF PARTICIPANTS: Clay Walker\Small Business Owner, Prof. Robert Lawless\University of Las Vegas, Deborah Crabbe\Business Analyst, Kathleen Thomas\American Express, Kerry York\Consumer Credit Counseling, Suzann Enzian Knight\UNH Cooperative Extension, Carlo Nittoli\Teacher, Exeter HS, Jonathan Pond\Financial Advisor, Hazel Molin\Parent |
| key: Recreation / Leisure / Sports Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/10/03 22:00 HOST: Allison McNair Length: 3:00 minutes In this edition of New Hampshire Outlook, NHPTV's nightly news magazine, managing debt. We'll look at small businesse and personal bankruptcy. And later, financial literacy for the young people in your life. And a University of New Hampshire alumnus is coming home for a different reason. Jerry Azumah is the starting cornerback for the Chicago Bears. The football player graduated in the class of '99. After meeting success with the NFL he has now donated more than one-hundred-thousand-dollars to fund the Jerry Azumah Athletic Performance Center at UNH. At a dedication cermony on Tuesday, many folks had kind words for Jerry. And Jerry himself shared how it feels to give back. PRODUCER/REPORTER: Celene Ramadan NAME OF PARTICIPANTS: Jerry Azumah\Class of '99, UNH, Marty Scarano\Athletics Director, UNH, Sasha Scott\UNH Women's Volleyball, Ann Weaver Hart\President, UNH |
| WEB PROMO Return to index of stories... |
Tonight on New Hampshire Outlook. . Tonight at 10pm on New Hampshire Public Television. |