Christmas is often the time of joy for everyone but will there be a happy Christmas this year for many families. The economy is turning downhill as the housing problem escalates and the credit crisis is not waning.

There are many families that know that they cannot afford to have a good Christmas. They have to pay their bills, rents, utilities and buy food before they ever think of buying any Christmas gifts.

Many families are having a thin Christmas this year until the economy gets better and the financial burden lightens up. The Fed expects that the economy will not be better so soon, at least another year.