The Consumer Federation of America and the Credit Union National Association suggest the following tips to avoid getting deep in debt during the holidays:

Budget Holiday Spending: Before you start shopping, decide how much you can afford to spend and stay within that budget.
Make A List: Staying within this budget will be much easier if you make a price list of all gifts and other holiday items you plan to purchase. It's easy to overlook extra expenses for holiday foods, party clothes, holiday décor and postage.
Comparison Shop: You can easily save more than 10 percent on most items, sometimes considerably more, by comparing prices at different stores. The easiest way to do this is to identify sellers using the Yellow Pages, then call several. Or use the Internet and compare offers online.
Pay Off Debts As Quickly As Possible: If you must make holiday purchases using credit, early next year pay off this debt as soon as possible. Remember that credit card debt is relatively expensive. You may not realize your card's grace period -- the time between your purchase and when interest is charged -- doesn't apply if you're carrying over a balance. And if you only make the 1.5 percent required monthly payment, you probably will never pay off the debt.
Plan For Next Year: While Christmas Club accounts do not pay much interest, they provide a practical way to save small amounts over time. Ask your credit union or bank to automatically transfer funds from your checking to your Christmas Club account every month. The discipline of saving reinforces your good budget intentions.

"By developing and sticking with a holiday spending plan, Americans can enjoy the holiday season without suffering a financial hangover," said Stephen Brobeck, of the Consumer Federation of America.