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    An expert has warned that an increasing number of loan providers are withdrawing their products from the market.

    Lisa Taylor, a press officer with the financial advice website Moneyfacts.co.uk, said rates have been rising for "some months" and competition has put increased pressure on providers’ margins.

    An increase in bad debt is also partly to blame, she continued.

    "But the credit crunch seems to be the final nail in the coffin, as lenders continue to raise rates but more surprisingly withdraw their products all together," added Ms Taylor.

    For some borrowers, an increase in rates could cause their debt to become unmanageable as they struggle to meet increased repayments.

    There are many options open to those with problematic debt such as seeking help with budgeting, informal agreements and individual voluntary arrangements (IVAs).

    However, a recent survey by Chiltern revealed the average amount of time it takes to repay borrowing through an informal debt management plan is 12 years and two months.

    An IVA can set a borrower debt free within five years.

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