As households cut big-ticket purchases such as holidays and cars the need for credit has fallen.

Both will be aware that, no matter how good forward bookings are, an expensive foreign holiday remains one of the more easily deferrable big-ticket purchases.

The survey also showed consumers more reluctant to make big-ticket purchases, such as televisions, than at any time since 1991, during the last recession.

The index for big-ticket purchases fell by eight points to -1.

Big-ticket purchases like cars are just the kind of thing that should have enjoyed a bit of a post-election bounce from a pick-up in consumer confidence.