Holiday and the economy

Hello
Let's talk about the holidays and the economy. As we know people are losing their jobs due to the tough economy. But what I would like to know is, will people go broke for them. I'm not sure, but my husband said they will. He stated that he's talked to people through the years that said they don't feel right unless they go broke for the holidays. He also mentioned that people from "the hood" especially go broke for the holidays. I don't know America, will people surrendered their house mortgages, car payments or utility bills for a festive occasion. I set out and do some research and then do the unthinkable. I will write an article before this month is over in the next week or so and submitted and let viewers, if there are any out there lol read it. I would like to get their comments and views of this topic.