Large numbers of young Brits who are being refused credit may have to rely on loans or other forms of debt help to aid them fund their lifestyles, according to research from a price comparison website.

The study found that 34% of 20-year-olds are unsuccessful when applying for a credit card, while many don't even try to get credit due to being scared of having a black mark against their name.

Joanne Garcia, head of credit cards at a financial website commented that card owners who have been successful in their applications need to recognise the need to quickly repay owed money.

"Those with existing balances should make every effort to clear them as soon as possible. Ignoring the debt, resulting in closure of an account by the credit card company, is not advisable," she said.

Similar research by the price comparison service recently showed that many younger Brits were very aware of the implications of having poor credit, such as not being able to secure a mortgage in the future.