Findings from a study by financial advice website Unbiased.co.uk revealed that over half of those consumers using a tracker mortgage are not taking advantage of the low base rate to increase their mortgage repayments.

However, the study showed that 38% of those not overspending are diverting their savings to pay off other debts, including credit cards and personal loan repayments.

Additionally, 12% said they are allowing the balance to accumulate in their current account while 17% are adding to their savings accounts.

Richard Winder, spokesman for Unbiased.co.uk, said: "We're encouraged by the large number who are using their repayment savings to erode their more costly credit card and personal loan debts."

Previous research from the firm revealed that the UK's credit card debt decreased by more than £4.9 billion in 2008.