There are so many warnings about how dangerous it can be to buy gift cards this Christmas. Under current law, if a restaurant or retailer goes bust, it falls to the bankruptcy court judge to determine the rights of gift card holders. But most judges have been unanimous in wiping out gift card holders.

Now Clark has learned that various consumer groups are petitioning the FTC to issue guidelines that would require retailers and restaurants to escrow gift card money. This would protect consumers and safeguard them from getting burned in the event a business goes bust.

There is one kind of gift card that Clark likes -- the kind where you get more than you pay for. For example, some restaurants might offer $125 worth of food if you buy a $100 gift card. Yet even Clark has gotten burned on this type of gift card once.

The real solution? Use the penny-pincher's no-gift-card certificate!