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The personal loan market has been hit by the credit crunch, an expert has warned.

Samantha Owens, head of personal finance at Moneyfacts.co.uk, asserted that many lenders have hit borrowers with large one-off increases as well as smaller rises in the cost of borrowing.

Furthermore, she warned that the fact that Britons are willing to pay greater sums for credit shows there are problems.

Ms Owens stated that this "is yet another sign that we are all too dependent on borrowing and are willing to accept a higher rate to ensure we get the funds".

A recent study conducted by financial advice website unbiased.co.uk showed that during 2007, British people borrowed a further £11 billion.

David Elms, chief executive of the website, described last year as a "turbulent" financial period.

He added that consumer borrowing has reached a worryingly high level and that it is vital people seek to regain control of their outstanding credit commitments.

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