It is probably not the bit going dull. (When they do, you can use something like a Drill Doctor to sharpen them up, too, and make them last a LOT longer.) It is just basic physics, really: friction. Every bit I have gets hot. Even at speeds of say 500-700rpm, which is not that fast for small diameter things, the cutting tip of the bit is in contact with another material, and being rotated. So there is a lot of friction involved, which generates heat. The bit being metal, sinks that heat, and increases in temperature. That increase in temperature, then, leads to the bit expanding in volume, which exerts outward pressure on the blank from the inside...which CAN (not necessarily always) lead to cracking.
My solution to heating is to keep the air compressor nozzle handy, and blow a lower pressure stream of air on the bit while I drill. This flow of air captures the heat and moves it off. An added bonus is that the air pressure helps blow the chips/curls being made by the bit, out of the flutes, keeping them clear, so I don't have to go through a ton of "back out the bit to clear the flutes" cycles.
Oh, that is another factor, too...you should be clearing the flutes. One way or another. If you allow the flutes to back up with chips and dust, then that creates even more surface area for friction. Normally, the design of a drill bit is that the edge of the flutes is just a tiny hair smaller than the cutting tip itself, but when the flutes back up with material, that material will expand and come into contact with the inside surface of the hole. That can create a LOT of friction, and since the bit is metal, that head will be sunk into the bit, heating it up even more.
So, I recommend keeping your air compressor nozzle close, and while you are drilling, just keep a lowish pressure stream of air on the bit (and aimed into one of the flutes, which will usually blast chips and curls out the other), and that should keep things cooler, which should avoid most of these problems. A good sign that the bit is expanding too much, is when you start to hear that screech.
A screeching bit, is an expanding bit. If you hear that screech, back the bit out, and use higher pressure air to cool it back down to room temp (or at least, not hot to the touch.) It also helps to measure the speed at which you drill. Too fast, and the higher pressure at the cutting end of the bit increases friction, heating things up that much faster. A measured speed of progression of the bit also helps ensure that the chips and curls actually clear out of the flute on their own...too much pressure/too fast, and the chips and curls will back up in the flute instead. Eventually, once you are deep enough, they have a harder time clearing the flutes on their own, which is where the air pressure helps keep them clear. Even with air pressure, periodic backing out of the bit, clearing the flutes, then cooling with higher pressure air before beginning again, should help you avoid most of the common problems with drilling.