The National Retail Federation reports an estimated $24.9 billion was spent on gift cards this holiday season.  In recent years there have been numerous warnings in the press about expiring gift cards.  And while retailers increasingly facing bankruptcy or closing sites is one good reason to use your gift cards quickly, in some states expiration dates should not be a short-term issue.

Illinois law, for example, restricts gift cards from expiring for five years, and prohibits fees.  This, however, does not apply to cards that can be used with multiple merchants.

A complete list of gift card laws by state is available from Consumers Union, the publisher of Consumer Reports Magazine.

If you see an illegal expiration date on a gift card, print out your state's law from the above website to present when using it. If the company that issued the gift card with the illegal fees or expiration date refuses to honor your gift card when it should be honored, you have adequate reason contact the Better Business Bureau or a state agency.  You also might contact the Federal Trade Commission at ftc.gov or call toll-free: 1-877-FTC-HELP. Or you may file a complaint with your state Attorney General .

While your state law may protect you from expiration of your gift cards, it's important to note that Chicago Sun-Times Business Columnist Sandra Guy today reports that four retail analysts — Britt Beemer, Howard Davidowitz, Larry Freed and Michael Niemira — believe retail names will be wiped off the map and thousands of stores will close in the new year.