More of this Feature • Part 2: What You Need to Know

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Vanguard gives up the ghost. Thousands of budget travelers are holding worthless tickets.

USAirways declares bankruptcy. They keep flying, amid reports other majors are likely to follow their lead.

As a consumer, where do you turn for security?

No one has made any attempt to sugar-coat the industry's problems.

The only question is how many changes will come in the next few months.

Analysts expect to see routes discontinued, employees laid off, labor unions agreeing to pay concessions, and of course, bankruptcy.

For carriers like USAirways, the move made sense. The airline reorganizes and perhaps finds a way to remain viable.

But budget carriers like Vanguard are going out of business altogether. Buyers are nervous.

For the most part, they should not be hesitant -- just cautious.

Keep reading to learn some consumer self-defense tactics.

Next page > Two Big Protection Keys >