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If you find yourself deeply in debt and are concerned about what Christmas may do to your finances, you might try consumer credit counseling. It's likely that there is a credit-counseling agency in your area. If not, it's easy to find one online. The reason this can help is because you will have a credit counselor who will analyze your spending and income and help you develop a budget or plan for controlling your spending. Of course, in the final analysis it will be up to you to implement the plan but at least you will have some professional advice that could help you stay on track and not create a new load of debt.
To get more ideas for saving money on your holiday gifts, check out this video from Good Housekeeping.