Having peeling nails is a hint that you are soaking your hands in the water for a long time. Keeping them in the water for an extended period can make them dry. They can be the consequence of external or internal trauma to the nail. Peeling nails are also a sign of vitamin deficiency and iron deficiency. Growing age also makes our nails weak and change their color. If your nails are causing bleeding and severe pain, you should seek medical help immediately.