Consumers report more than $645,000 in prepayment losses in 2022, a 24% increase from 2021
Consumers suffered more than $645,000 in prepayment losses due to sudden business closures in 2022.
This was a 24% increase from the $520,000 in prepayment losses reported by consumers in 2021.
The beauty industry recorded the highest amount of prepayment losses in 2022, with more than $285,000 (44%) in prepayment losses suffered by consumers. The travel industry recorded the second highest amount of prepayment losses at more than $141,000 (22%).