Carole Fleck

Biography: As a senior editor for AARP Media, I cover personal finance issues, the economy, older worker issues, retirement planning and other news affecting people 50-plus.

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Carole Fleck 'sPosts

Mulling a Payday Loan? How Does 322% APR Sound?

Posted on 04/24/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsIn this economic climate of relatively low interest rates, who pays 322 percent in annual interest for short-term loans? Consumers who repeatedly take on payday loans. That’s right. The average consumer who may be short on cash, and gets payday loans to bridge the gap until the next payday, winds up shelling out 322 percent interest or more on the money borrowed. Or put another way, it’s an average $15 interest on every $100 borrowed in a $350 loan over …

Home Ownership and the Value of Paychecks

Posted on 04/23/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkTwo reports are out on home ownership and how far paychecks go in certain cities. They’re not related, except that you need a paycheck to buy a home, generally, but I found the research interesting. In the Gallup report, the findings showed that the recent housing bust didn’t scare off most younger adults from chasing the American dream of home ownership. Of some 3,400 people polled, nearly 70 percent of those ages 18 to 29, and almost 30 percent of …

Say What? Bank Helps Borrowers Find Work

Posted on 04/22/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & Savings | WorkAs shocking as it may seem, an Ohio-based bank is helping some of its unemployed borrowers find jobs. Why, you ask? Because these customers are at serious risk for defaulting on their home mortgages. Fifth Third Bank, which operates some 1,300 branches in 12 states, has teamed up with employment firm NextJob to offer free job search assistance. It includes one-on-one coaching, online job search software and other resources to mortgage holders who could face foreclosure because they’re out of work and …

Confused by Financial Designations? Read On.

Posted on 04/18/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsAs we head into our retirement years, we could all use a little financial guidance to help us fluff up our nest eggs. Do we tap a certified senior adviser or chartered financial consultant for advice, or would a senior or retirement specialist be better? Maybe a certified trust and financial adviser or an accredited retirement adviser would be best? No, wait, what about a certified financial gerontologist? Or a chartered adviser for senior living? Each day, tens of thousands …

Workers: Here’s How to Reinvent Yourself

Posted on 04/17/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | WorkIt’s never too late to reinvent yourself, whether you’re considering another line of work, seeking a promotion at your current job or looking for a more meaningful, less stressful gig on your way to retirement. Career coaches say boomers and older adults, perhaps more than previous generations, seem willing to switch careers, return to college or seek retraining to boost their job opportunities. The deep recession of 2008-09 and the staggering loss of jobs (some 2 million older workers are …

Your Average Yearly Cost to Own a Car: $9,122

Posted on 04/16/2013 by Carole Fleck | Money and Work | Comments

Bulletin Today | Money & SavingsWe may be holding onto our cars longer and forgoing buying new vehicles, but it’s still costing us more for our wheels. A new report by the auto club AAA says the average owner of a sedan who drives 15,000 miles a year pays $9,122 a year to own and operate that car. That comes to 60.8 cents per mile, about 2 percent more than last year. Driving a four-wheel drive SUV? Then you’re shelling out $11,599 a year. Smaller …