"It's going to be everything on my list this year. My daughter says go with the VISA gift card so you can use them anywhere," said Janice.

But the $80 billion a year industry could take a serious hit. There's growing concern that stores threatening to close may not honor their gift cards.

At Seattle's federal building and into the office of the Federal Trade Commission, consumer watchdog groups are demanding that shoppers be protected from losing money on gift cards from retailers that go bankrupt.

"Gift cards are a financial obligation, and when a company files for bankruptcy it's going to be up to the court to decide which financial obligations will be honored," said Chuck with the FTC.

Earlier this year, Sharper Image declared bankruptcy. At one point, $20 million of its gift cards were deemed worthless. They eventually renewed their cards, but only if shoppers spent twice as much.

Circuit City, who recently filed for Chapter 11, has asked the court permission to honor all its gift cards.

An e-mail circulating the Web warns shoppers to stay clear from buying gift cards at stores threatening to close. The e-mail lists 30 different national chains.

Experts say that if you do buy or receive a gift card this year, make sure it's used within 30 days.

Now remember, just because a store files for bankruptcy doesn't mean its gift cards will not be honored. That's the court's decision.

And if you plan on buying a VISA gift card this year, keep in mind that those cards come with an expiration date. The FTC says around $8 billion a year ends up being wasted on gift cards that are never used.