The nonprofit National Endowment for Financial Education estimates that it would take more than seven years to pay off a holiday spending balance of $1,100 if your credit card charges 18 percent interest and you pay only minimum monthly payments of 2 percent. Ted Beck, president and CEO of the National Endowment for Financial Education, said out-of-control holiday spending often stems from an inability to say "no." “Don’t be afraid to say ‘no’ to gifts you truly cannot afford," he says. (If you're charging a gift, and aren't paying it off next month in full you can't afford it.) Even if you've already spent too much this year, there is one thing you can do this holiday season to avoid taking on as much - or any debt at all - during the holidays next year. Open an account and start putting away small amounts of money each month to cover holiday-related expenses next year.