Apparently not as there seems to be signs that retailers are in for a "black Christmas" as 12 million of us plan to rein in our credit card spending.
Over 25% of us plan to avoid spending on our credit cards this year, as over 15% of us are struggling with unsecured debts of more than £10,000. Ouch!
According to a poll by debt consultancy Thomas Charles, the problem is most acute amongst those of us aged 35-44, 30% of whom said they would cut spending on the plastic this year.
Its not just shops that are set to suffer either as restaurants and bars are likely to be affected; 42% of us aged 18-34 said they planned to scale back on their normal entertainment spending throughout the Christmas period.
Looking into 2008, over 10% of adults polled by YouGov for Thomas Charles said they would be thinking more carefully before making large purchases on credit in the next sixth months. That could hit the travel, home improvement and car industries, too.
James Falla, managing director of Thomas Charles, said personal debt in Britain had reached a "breaking point".
After enjoying years of low interest rates, we Brits have now built up huge amounts of debt; the total now stands at £1.5 trillion. But our desire for a better lifestyle, together with higher living and borrowing costs have begun to bite and this has meant record numbers of us going bankrupt.
"Interest rate rises and subsequent mortgage hikes mean that people have been relying on credit for their everyday expenditure; credit they can often ill afford," said Falla.
"These results show that Britons are finally making positive steps towards confronting the amount of debt they are carrying. This is good news for the man on the street, but may signify bad news for retailers who have come to rely upon the vast amounts of credit spent at Christmas time", he added.
Despite women's' penchant for shopping, men continue to be have more debt than women, with 27% surveyed admitting to having unsecured debts of at least £5,000, compared to just 22% of women.
The information from Thomas Charles comes just a day after shopping Website Savebuckets.com said 41% of us in the UK financed last Christmas with our credit cards; and 17% of us are still paying off that debt!
Their poll showed that Christmas spending soared 52% in the two years to 2006; from an average £548 to £837 per adult.
You can certainly buy a lot of turkey for that!
But it said 2007 would see the lowest spending power in ten years as consumers felt the financial hangover from a more confident Christmas enjoyed on credit.
So, are you going to have a credit card Christmas?
And if so, are you going to be sensible and spend carefully or are you going all out this festive season?
Santa is taking a third of your Christmas pay cheque