With the economy in distress, there might be no cheaper time to travel than this winter as a sharp drop in demand forces airlines, hotels and cruise companies to slash fares, cut rates and lower fees.

In what might be a silver lining during a season of economic angst, travelers are finding some of the best deals in recent memory, from half-priced resorts to rock-bottom airfares.

"These are glorious times for travelers who have a job and the money," said Chris McGinnis, a travel consultant.

An off-peak, roundtrip ticket from Los Angeles International Airport to Honolulu on Delta Air Lines was selling for $244 last week, the lowest it had been in recent memory. No one could recall average fares to Hawai'i falling below $300.

These fares hovered at $800 to $1,000 in the summer.

So few seem to be traveling this winter that Walt Disney World in Orlando, Fla., has been offering three free hotel nights and three days of theme park admission for booking a four-day stay. Some resorts in Mexico have slashed hotel rates by half or thrown in free meals.

HOLIDAY FARE SALE

It's not unusual for holiday fares to be on sale at this time of the year, and travel is still expensive during peak times, such as the day before Thanksgiving and Christmas.

But with job losses escalating and job security increasingly uncertain, more people are holding back their travel spending, leaving airlines, hotels and resorts with even fewer customers and facing the prospect of another financial crisis. Many families — if they are traveling — are taking either Thanksgiving or Christmas vacations, but not both.

For airlines, the drop in oil prices is bringing down fuel expenses, but that might not be enough if the economy continues to slide. Skyrocketing oil prices in the first half of this year pushed several smaller airlines to file for bankruptcy protection or go out of business altogether.

This time, it could be a sharp drop in passengers that grounds some airlines. "It's very bad," said Joe Brancatelli, a business travel consultant who runs the Web site www.Joesentme.com. "I don't see anyone saying that the economy is going to be good next year, and if the economy isn't good, airlines aren't going to have profitable passengers."

American Airlines, the world's largest carrier and the busiest at Los Angeles International Airport, said last week that 745,000 fewer passengers boarded its planes in October compared with the same month last year.

CRUISES AFFECTED, TOO

It's not just airfares. Many cruises, hotels and vacation packages are cheaper than they've been in years.

"It looks like for January and February, we're seeing the lowest cruise fares since post-Sept. 11," said Mike Driscoll, editor of the industry newsletter Cruise Week.

Since August, he said, prices for cruises in the Caribbean, Mexico and other winter destinations have fallen 8 percent to 10 percent on average. On some ships, travelers have been able to sail for less than $50 per person per day.

Norwegian Cruise Line last week offered a 12-day eastern Mediterranean cruise in January starting at $579 per person before taxes. Some Caribbean cruises cost less than $100 for three days, with $200 in onboard credit thrown in, Driscoll said.

Many cruise lines have waived or reduced deposits or relaxed cancellation deadlines.

Luxury Crystal Cruises, which typically charges $250 or more per person per day, has been throwing in free airfare from Los Angeles for some Panama Canal sailings.

A CHEAPER HAWAI'I

Vacationing in Hawai'i, always a pricey destination, has become cheaper. You can buy multiday trips for less than $1,000, including airfare.

Last week, giant tour operator Pleasant Holidays began selling three-night air and hotel packages from Los Angeles to the Islands starting at $349 per person per day, plus taxes.

"If you look at Hawai'i today compared to a year ago, it's less expensive today," said Susan Tanzman, owner of Martin's Travel & Tours in Los Angeles.

Even the rich can pinch pennies. The Four Seasons Resort Hualalai, on the Big Island, has been offering a fourth night free. So instead of paying $725 a night for an ocean-view room, guests average $544. If they spring for an even fancier room, they'll get two rounds of golf and two spa treatments.

At the other end of the spectrum, there's Las Vegas, hard hit by the travel downturn. One hotel in the gambling destination recently offered rooms for $1 a night.

More airfare sales are expected in the coming weeks, and travel experts believe tickets from the Los Angeles airport to New York could return to the days when some airlines offered $198 roundtrip fares. JetBlue Airways recently began offering fares as low as $268 for a roundtrip from Long Beach to New York.

"If I'm seeing $244 to Hawai'i, anything is possible," said McGinnis, who also writes a travel blog at the Web site www.Youmustbetrippin.com.

Add less crowded airports and fewer delays, and this winter could turn out to be a "golden age for travel," he said. With fewer flights, more planes are getting to their destinations on time, according to the site www.Flightstats.com, which tracks airline performance.

www.Farecast.live.com, a travel Web site that tries to predict the direction of airfares, said travelers who wait are finding better deals. A recent check of airfares found that plane tickets for the Thanksgiving and Christmas holidays had fallen below last year's levels.

"This is a dramatic change from August and September, when fares were more than 30 percent above last year," said Nick Leahy, a spokesman for the Web site.