Christmas has arrived early for travelers planning to take-off for domestic and international destinations.

Almost every day, we are being greeted with a new round of eye-catching discount offers to the world's holiday hotspots, with travel companies aggressively reducing prices to stimulate demand.

As this wave of discounting sweeps through the industry, some of the best vacation deals in recent memory are becoming available.

This, of course, means that if you are looking to travel, you will find that your vacation budget stretches considerably further than it has in recent times.

This week, Liberty Travel advertised one-way flights from New York City to London for as little as $198 per person. At $396 for the round-trip, this fare represents a $200 discount to the typical New York-London journey.

Travelers booking package holidays are also benefiting.

Resorts in holiday hotspots are aggressively waiving minimum stay requirements, offering valuable extras and heavily discounting room rates.

This means that price reductions of between 20 and 30 per cent are typically available on accommodation deals and package holidays.

In some cases, the discounts are even more significant.

For example, Liberty stores have been promoting an Aruba package that is now 75 percent cheaper than it was just a few weeks ago.

Closer to home, a seven-night Walt Disney World vacation package, which includes round trip airfares from New York City, Magic Your Way tickets and accommodation, is also available for just $565 per person. Last year, a land only package was available for a similar price, which means the airfare component is now effectively free.

The good news for travelers is that there is literally a world of other options, both in the United States and overseas.

Unfortunately, there is no indication of how long the current wave of discounting will last.

With this in mind, if you are planning a vacation or a short break in the next few months, it certainly is worth considering the current offers in the weeks leading up to Christmas.

While economic conditions are obviously a consideration for today's traveler, a number of other factors - in addition to the special offers - are benefiting those looking to get away.

These factors include the U.S. dollar's strength against other currencies, particularly the Australian dollar and the British pound, and reduced airline and cruise fuel surcharges.

Together with the ongoing discounting, these factors add up to some great vacation savings for American travelers, couples and families.

Feel free to contact your Liberty Travel consultant for details on the latest and greatest vacation and airfare offers.

Liz Yurco works for Liberty Travel. She has worked in the travel industry for 20 years and loves to travel with her husband and three children