A rebound in consumer spending would be “priceless”, as MasterCard might put it. The world’s second largest electronic payments network on Friday reported a sharp drop in first-quarter profits. The fall was largely due to the strength of the US dollar but also reflected changing consumer behaviour. In these leaner times, shoppers are holstering their credit cards in favour of spending via debit cards money they actually have – particularly in the US where credit card volumes dropped 14 per cent year on year. As three-quarters of US debit cards carry the logo of Visa, its larger competitor, MasterCard must sit this recession out.

It might be in for a long wait. Splashing out on credit requires confidence to return but consumers are unlikely to feel that before bringing current debts under control. That is a work of years, not months.