What will a Spirit Airlines shutdown mean for travelers?

TL;DR

Spirit Airlines has ceased operations, canceling all flights immediately.
The budget carrier's exit is expected to lead to higher airfares across the industry.
Customers with existing Spirit tickets are entitled to full refunds, especially if paid by credit card.
Travelers who paid cash or used loyalty points may face difficulties in obtaining refunds.
Other airlines, including Delta, United, American, Southwest, JetBlue, and Frontier, are offering special 'rescue fares' for Spirit passengers.
These rescue fares may still be more expensive than original Spirit ticket prices.
The shutdown could impact airfare dynamics, with low-cost competitors expected to fill the void over time.

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