I agree with everyone that balance is the key and that you can't fix the world by depriving yourself of everything. If you really care about issues, then use your life and work to address them, and let yourself have small happinesses like hobbies and fun and possessions. As long as you're still making a conscious choice. It's one thing for you to decide that you enjoy bags and will collect them and another to be somewhat addicted and unable to control yourself. As long as you have the larger picture in mind, I think you're fine. Giving up the privileges you were born with doesn't necessarily make the world a happier place if it just makes you unhappy and therefore unable to contribute anything meaningful to the world. It's not as simple as a balance sheet of possessions.
At the same time though, your guilt means something and you don't want to just brush it off. Maybe it just means that you should relax and let yourself enjoy the bags, but maybe it means stepping back and using that guilt to decide to focus on other priorities. It's all about where that guilt comes from. Are you being too hard on yourself or are you onto something?
And I don't think we can so easily make up for our overindulgences. I honestly don't think that by donating some money to charity you undo any real wrong or imbalance you feel you have done. Not to say that people shouldn't donate, but if you're doing it as a sort of penance, it's sort of like buying an indulgence instead of doing it out of goodwill and empathy. It's great when people are so generous with their time and money, and they should feel good about treating themselves once in a while, but I think that you shouldn't use donations as a way to appease guilt, which is a sign that you're at your core not comfortable with how you're living your life.
Just my two cents.