By Patty Baldwin and Lori Chambers

Hands fisted, knuckles white and angry tears pouring down her cheeks, Carol stormed through her front door and headed straight for the telephone. She tries to compose herself as she dials 911 to report her car as stolen.

The 911 operator takes her information and lets her know that an officer should be there momentarily. When the officer arrives, he takes her statement but also asks if there is any chance the vehicle was repossessed.

Carol jerks her head around at that question and tells the officer that she was 3 days late on her payment to a company that offers vehicle title loans. But, she queries, "surely that couldn't be the problem? It's only 3 days! Isn't there supposed to be a grace period?"

The officer completes the statement and suggests that she contact the company who gave her the loan. After asking her to let the department know if it was indeed repossessed he leaves.

Carol calls the company and gets the bad news! Yes, just 3 days late and her vehicle is repossessed. Yes, she can get it back but in addition to the late payment she will have to pay the towing charge, impound fee and a penalty fee.

This scenario sounds pretty drastic, doesn't it? Well, think again. It happens every single day more times than you would believe!

Carol is not a "bad" person. She did what all of us have probably had to do on occasion. She had an emergency and she required some quick cash. She is young, living on her own for the first time and has yet to establish her credit worthiness.

There is an important lesson to be learned by Carols' experience. Forewarned is forearmed. Had she understood just how important it was to make her payments in a timely manner she would have done so.

Three days may sound pretty drastic, but in this particular case it was in the "fine print."

If she had a copy of "What You Should Know BEFORE You Borrow Money," she would have had a clearer understanding of what this type of lender expects. Had she known, she may have gone elsewhere to borrow.

Payday loans are similar to title loans in that they both charge inflated rates of interest, and they are also ready to pounce with additional charges whenever possible.

"What You Should Know BEFORE You Borrow Money," is designed to help folks who are not knowledgeable about the "ins and outs" of borrowing. Take a look at some of what you will learn:

• When and why borrow money?

• What type of loan do I need?

• What you should know before you shop for a lender.

• How to apply for a loan.

• Before you apply for a mortgage get the facts

• Cleaning up your credit.

If you are already well-versed in all financial matters, this guide is probably not for you. However, if you have no experience in borrowing and are looking for some guidelines then this is definitely just the primer you need.

It's also a great gift for anyone you know who would like to learn the basics of "Borrowing Money 101!"