You sound like some of my students this semester, poor dears. You may flunk your Psych course, but that just means you blew some time and money and will have to take it again. Hopefully that is unpleasant enough for you to really look at your habits to figure out the problem. All the advice given so far here is very good- I would also add that one good way to gain control next semester, if time management has been a problem, is to list on a calender all the due dates of papers and tests, etc. If you use your syllabi to create a road map of your semester in the very beginning, you will know what is coming up and can plan accordingly. Simple organization relieves stress.
Be honest with yourself, make needed changes, and you will see good results. In the meantime, remember that failing a course isn't so uncommon in the first semester, so don't get too freaked out.