As Martin pointed out, VISA and MC card's debt are held by banks. Despite what you may hear on the news, there are a good many solid banks out there that have not been severely damaged by this crisis and are in really good shape. These tend to be local and large regional banks that that have been run "traditionally" and "conservatively." The folks who were and are doing things right don't get the publicity they deserve. Per Douglas Adams "Don't Panic."