And with good reason.

According to Consumer Reports, 6% of all shoppers still carry debt from LAST holiday season.

So many will be celebrating this year in more meaningful - not material - ways.

Like Craig Bikfasy and his 3 year old daughter, Lauren.

They’re sharing a walk downtown together; celebrating the holidays in uniquely 2008-style.

"Walking around here today, looking at all the lights and all the decorations…more things to do than things to get, “ said Bikfasy. The streets in Seattle's retail core are relatively empty today.

Friday, they're expected to be crowded with shoppers.

But according to the National Retail Federation, holiday sales will be the worst they have been for years.

Barbara Mascarin of American Financial Solutions says our economic climate is effecting everyone.

She says, “I think people are really taking notice of what’s happening in the economy, and they nay be able to have less of a Christmas this year.”

Is that a good thing?

Mascarin says, “it’s good and bad. It’s good for them individually because they don’t get into so much debt. It’s probably bad for the economy because we’ll have lower retail sales.”

But just because many people are planning to spend less, doesn't mean there aren't other ways to celebrate.

Meryl Mekeel from Portland, Oregon has a family tradition. “Every Christmas even, we make ornaments and give them to our family members, so we have all these ornaments from every year of my life. So that’s a pretty special tradition,” she says.

Alex Becker---has been volunteering.

“You get what you give, and I never really practiced that. Buyt now that I’ve been doing it, it seems ilke my life has been a little richer,” Becker says.

Christopher Lombardo of Clearpoint Financial Solutions says being together should be the focus, instead of spending, "instead of getting up at four in the morning to go shopping the day after Thanksgiving, maybe you ought get up at four in the morning and spend the day you’re your kids.” A MEANINGFUL HOLIDAY Credit Counseling: http://www.myfinancialgoals.org/ More Credit Counseling: http://www.clearpointfinancialsolutions.org/ Being a Frugal Millionaire: http://www.thefrugalmillionaires.com/

Seattle-based financial author, Jeff Lehman---agrees. "I think the givts that people will be giving this holiday season are going to be much more meaningful. Much more from the heart. It just won’t be that boxed video thing that every other kid is getting. It’s giving back at the holidays. That’s what the holidays are supposed to be all about. Giving back, not giving gifts.” Lehman also says giving gifts to charities in someone’s name is also a meaningful way to celebrate. Especially since this year, charitable donations are way down.

But if you DO spend too much, here are a number of local non-profit credit counseling agencies that can help you get back on track.