For instance, the National Foundation for Credit Counseling (nfcc.org) has Consumer Credit Counseling Services nationwide that can provide genuine help at little or no cost. Another resource is the Association of Independent Consumer Credit Counseling Agencies (aiccca.org). Through organizations like these, you can find a counselor in your area who will review your personal situation, help you come up with a debt management plan and -- equally important -- help you learn how to avoid getting into unmanageable debt in the future.
PUT YOURSELF ON A STRICT BUDGET
Since you're already struggling financially this may sound obvious, but to retake control of your money, you have to know exactly where it's going. Sit down and list all your current expenses: rent or mortgage payment, utilities, car expenses, groceries, clothing, entertainment. Where else are you spending money that you could save or put toward your debts? Carving out just a few extra dollars a month can help you get out of the red.
Ideally, as you get a handle on your current situation, you'll start to put some money away as an emergency fund -- a fund you can draw on instead of taking a payday loan. Even an extra $500 tucked away can help keep you from spiraling down deeper into debt.
And one more thing. You say you "got out of your 401(k) plan." Does that mean you cashed out and used the money, or did you just stop contributing to it? If your retirement savings are gone, you have an even greater reason to seek help in getting back on track with your finances. But the good news is, there is help available. Please use these ideas as a motivation to take action. And do it right away. Even at 55, you have time ahead of you to turn things around.