Thanks for your replies!
Going around is always the safest option, off course. But the questions was mainly, what does work better and why?
So, to sum up the answers most have suggested to put the nose down, the flaps will take care of keeping the speed low in a cessna.
The copy of Stick and Rudder explained the slower approach a bit.
I have done a correction both ways.
In my experience in a PA28 the flaps seem not to be as effective in braking as the cessna ones, meaning that I risk going over flap-speed when pointing the nose down. In addition to that you carry great speed short before (or in) the flare, which is not so good (ballooning).
The slower approach seemed to work well for me, but there is the risk you slow down too much too close to the ground.
Off course, when the final doesn't look like it can be saved, I go around. Have done it often and will do it in the future too.
Thanks again!