Odds are one of the wire heating elements has broken and is shorting inside the toaster. This happened to mine, and it was easy to fix. I took the bottom off the toaster (after unplugging it, please) and checked the elements. One of them was broken and touched another part of the inside of the toaster. I removed the broken element and wrapped each of the broken wire ends to another part of themselves, to eliminate the short circuit and complete the heating element circuit. Re-assembled, and it works fine.
Gerry in Ojai, March 2009