More than one in ten borrowers have missed repayments on their mortgage, credit card or personal loan in the last six months, according to new research.

According to Money Expert, the number of bills going unpaid is likely to increase in the coming months.

The research shows five million people have missed repayments and the financial expert believes with many mortgage lenders increasing their rates, more people are likely to feel the increased pressure.

Sean Gardner, director of the financial advice website, said: "The credit crunch is having a painful effect on households who are struggling to meet their financial commitments."

"The consequences, whether it''s losing a service altogether of even ending up in court, can be very serious indeed."

In related news, Abbey announced it was increasing the rates on some of its mortgage products and blamed the hike on its competitors decision to increase their prices, reports the Press Association.

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