New data has identified that consumers become offended if their credit card application is declined. As a result, 70 percent of people said they wouldn't do further business with the financial institution concerned.
It's no surprise to hear that rejection is hard to take, especially if people are depending on a credit card or loan to get them out of a sticky spot. Almost half of those questioned in the survey said that having their credit card application denied was embarrassing and that they wouldn't tell family or friends. Approximately a third of respondents believe that consumers whose applications are declined are irresponsible with money, but this is not necessarily true.
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