Holly Miyasaki: So it's almost Christmas and instead of feeling overjoyed at the impending holidays, I'm living in fear. I don't dare look at my credit card bill — I happen to know it's going to take me at least half of the new year to pay back MasterCard for all the money I've borrowed. When did it become the norm to overspend for Christmas? Consumer Reports said 12 million North Americans are still carrying their debt from last Christmas!

Kristi Patton: Oh wow! I can tell you that nothing scares me more than the being in debt. I have been vigilant this year and did not use my credit card, so far (fingers crossed), for any christmas present purchases.

I can't just go and buy a major (credit card-worthy) purchase without some sort of worry or guilt. When I find something I really want, I have a habit of researching it to death on the Internet, sometimes to the point of talking myself out of buying it. If I am not successful in that then I move to phase two — this is where I find other things (usually bills) to justify where my money should really be going. This is the point where I usually stop and decide I am not going to make the purchase. But, if for some reason I continue, I move back to researching and perhaps, gasp, even go look at the item up close and personal in a store. By now, I have hit the point of no return and a swipe of the credit card is inevitable. As I proudly bring that new purchase home, open the packaging and gaze in awe I begin to find flaws in whatever the item is (usually referencing the same ones found on my Internet research). And then it hits me like a ton of bricks. What have I done? Can I still return this? Was it really worth it? Something grasps my throat and I feel claustrophobic, is it hot in here?

Typically these feelings only are generated from self indulgent purchases and not when buying gifts for others. But, I have learned from the past that there is no point in overspending on gifts just so you can scramble for the rest of the year to pay off those debts and late fees. How do you not feel guilty every time you sign your life, or next paycheque, away?

HM: Unfortunately my thought pattern changes drastically come Christmas. I had a savings plan for gifts. But suddenly there were five extra people to buy for and my money had mysteriously dwindled to just enough to survive on bare necessities.

So out came the credit card and away went my judgement skills. Twenty-five dollar gifts grew to become double their originally planned price as I found more things I'd like the person to have.

And how do I make myself feel better when I see the credit card statement? By telling myself that I will make big cuts in the new year and pay it off. There's no way I'm going to zero out my credit card until my birthday (in July) I'm sure.

I kind of wish I wasn't afraid to just make a set charitable donation in my gift-receivers' names at a set price. I know I would be happy with that as a gift — but I don't know how monetarily motivated certain people are.

KP: Personally, I have been thinking of keeping an eye out for gifts for well before the average Christmas shopper does. I found, especially this year, that this has really helped. By doing that I have found more personable gifts that maybe aren't as extravagant as a nice watch or an expensive gadget, but will still have a special meaning behind them. Really, when it comes down to giving a gift no one should expect one and so when they do get one (no matter the price) it is a nice surprise. I generally wait until I find something that I know will be special for the receiver and if it is never found then give that charitable donation, it is not like they can be disappointed.

HM: I live for the moment when it comes to spending — not a good way to be. I hope in the new year I get the gift of spenders' guilt.