(CNN) -- The shutdown of Western Pacific Airlines could eventually go beyond canceled flights and inconvenienced passengers. It could hit travelers across the board where it counts -- in the pocketbook.

"It should be a concern of all consumers because the low-fare carriers are the one force that has kept airfares in check over the last few years," said CNN business travel consultant Chris McGinnis.

The three-year-old Colorado-based Western Pacific was known for its low fares and creative paint jobs. But in October, the airline filed for Chapter 11 bankruptcy protection -- and never recovered, losing almost $88 million last year.

The demise of Western Pacific comes at a time when most major U.S. carriers are making record profits. But low-fare airlines continue to struggle.

"This is an example or perhaps a symptom of what's to come for low-fare carriers," said McGinnis. "We saw Air South go out of business just a few months ago and we've seen a handful of low-fare carriers go out of business over the past two or three years."

Low-fare carriers have cried foul, claiming that some of the larger carriers have engaged in unfair business practices.

"That's a big question right now that the government is looking into -- whether or not the major carriers are engaging in predatory practices that are putting these smaller carriers out of business," McGinnis said.

Western Pacific's bankruptcy could have a ripple effect throughout the country -- even in areas it didn't serve.

"Anytime that you lose a competitor in the airline industry, it's going to have pricing repercussions for consumers -- meaning higher airfares," said Kevin Mitchell of the Business Travel Coalition.

Higher airfares are one consequence -- not to mention fewer options for budget-minded travelers.

Based on a report from CNN's Business and Travel and Beyond. The segment appears weekdays on Early Edition at 7 AM (ET) and on Morning News at 10 AM (ET).

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• Western Pacific in Chap. 11 - October 6, 1997

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