You found the perfect gifts for everyone on your Christmas shopping list -- and now it's time to pay for them.

For thousands of Bermudians, the month of January means tightening up their belts and paying off lots of bills.

But fear not, Roger Crombie, a fellow with the Institute of Chartered Accountants in England and Wales, said paying off Christmas debt does not have to be a painful experience.

"Philosophically, the first thing you do is to accept that for every up there is a down,'' he said. "Accountants know about balance and the balance with these bills is that you've had a great Christmas, you've been the belle of the ball, you've given everybody these wonderful gifts because you really wanted to -- and now you have to pay the piper.'' Instead of crying over spilt milk, Mr. Crombie suggested financially strapped consumers stay calm and be rational.

"The first thing to do is you don't panic,'' he advised. "Don't throw up your hands in disgust and say `well we better sell the house or the children'.

"The second thing you do is add them all up and when you do they will probably come to more than you thought you spent, more than you wished you spent and probably more than you can afford to pay back.

"But you dug the hole and now you have to get yourself out of it.'' Mr. Crombie said those in the red should make a list of the damage they did and then try to come up with a plan to pay off a couple of bills at a time.

"You're not going to be able to pay them off all at once because as you're dealing with this problem you're probably going to have other bills coming along,'' he pointed out. "Try to pay a little off each month or each week and make that the first thing you do when your pay cheque arrives.'' By putting some cash on bills as soon as you get your pay cheque, Mr. Crombie said the money will not be missed since it will be gone before you even had a chance to miss it or spend it on something else.

"Be serious about getting down the debt by paying down something straight away,'' he added.

The chartered accountant also advised cash-strapped locals to give themselves a realistic deadline by which the bills must be paid.

"Try and set a time frame in which you are going to be able to deal with the debt -- three months, six months, it depends on how big a hole you've dug.'' For those who have several credit cards to pay off, Mr. Crombie said consolidating your debt into one low-interest loan with one of the Island's financial institutions may be the way to go.

"Arrange with them to have a monthly repayment schedule,'' he explained.

"They are usually pretty willing to help you do that.

"The trick is to work out a plan to get yourself out of the hole and if it is all too much for you to handle, and you know someone who is an accountant or a bookkeeper, ask them for some free advice.'' Mr. Crombie also urged people to remember that they are not alone nor are they the only ones to ever get themselves into financial difficulty.

"This is not a difficult problem nor is it an unusual one,'' he said.

"January means bills to all of us, February means worrying about it but usually March, April or May means getting it solved.'' Another way bill-laden consumers can rid themselves of debt is to put in a couple of extra hours at work.

"Think about doing a bit of overtime to get a little more money in, but dedicate it to the debt reduction,'' he advised.

And once your bills are paid off, he suggested continuing the practice of putting aside money each pay cheque -- just like it was a bill.

"By the time you pay the bills off you will have gotten used to the idea of paying some money down,'' he explained. " Start putting some aside for a rainy day, so you don't get into the hole again.

"It's easy to say this, but it is very hard to do,'' he added. "The only way to do it is to do it as soon as the cheque comes in, take out a slice and put it away.'' And Mr. Crombie warned die-hard shoppers that will-power was the only way to avoid getting into more trouble with your credit cards once they are paid off.

"They are expensive in terms of the cost of interest and they remove the natural inhibitions. If you see something you want and you don't have the money in your pocket you don't buy it. If you see something you want and you have a credit card in your pocket, you will probably buy it.

"None of us can have all the things we want, the trick is to prioritise your needs.'' With regards to the age-old adage of hiding your credit cards, Mr. Crombie said the old saying may not work if you are a shopoholic.

"Hiding the credit cards is a bit like alcoholic not drinking anything, it is very hard to do,'' he pointed out. "A better idea is to look at your overall financial situation. If you are carrying a hefty credit card balance every month, go talk to the bank.

"Instead of paying one-and-a-half percent interest every month they may be able to arrange a personal loan for you which will cost you a lot less. If you do that then you have to hide your credit cards because otherwise you will just end up with a loan and a hefty credit card balance.'' Finally, Mr. Crombie urged locals to remember the lessons they learned as a result of paying off Christmas debt -- to exercise sound fiscal judgment throughout the rest of the year.

"We're all basically responsible human beings, particularly those with families who know all about budgeting,'' he added. "All you have to do is apply common sense.''