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1.
Meaning you are in deep trouble. Comes from the serial killers of the early 1800's who would use the guts from their victims to make garters, that were sold on market stalls.
"I have just borrowed and crashed my dads car"

"He will have your guts for garters"
by Willy111 September 11, 2006

Words related to guts for garters

garters guts problems saying trouble