Ha, this is why I hate Christmas. I feel desperately sorry for people who feel compelled by the IMMENSE societal pressure to "do" Christmas.
If you have older children you cannot not get them presents WITHIN REASON - never, ever underestimate peer pressure OP. I'm a card carrying, devout, practicing atheist as is DH who was in any case born Jewish; we have never had a tree or a string of tinsel. Ever.
But we go to my parents every year where she has a full on decorations. I'll even clamber up the stepladder to hang the streamers and balloons, and our DDs decorate the tree. Santa was (they're too old to believe now !) a delivery service. Like FedEx. We never taught them that Santa bought anything.
We're in the stick it on the credit card a pay it off within a couple of months camp.
We'll go to the Markets in our nearest big city because the DDs enjoy it.
I take huge issue with your smug and patronising assertion that people "choose" to go into debt, however.
We've had massive, huge debts caused by serious MH issues following a bereavement. They're now paid off, but we no more chose to have these MH issues than anyone else, and Christmas still causes me a touch of PTSD. (diagnosed.)
So imagine how hard it must be for someone battling the stress and anxiety of living hand to mouth to resist the overwhelming pressure which has been going since September.