As Martin already mentioned, this bet doesn't really make sense to me, at least for the reason given. Businesses stop accepting credit cards all the time, usually because the fees aren't offset by a hoped for increase in total sales when they accept credit cards. For example, a small restaurant may have to pay CC fees every month that it otherwise wouldn't have to if it only accepted cash, but the average bill may be higher if people could charge it.

If I default on my credit card balance, it's the issuing bank that hurts, not Visa/MC/AMEX/Discover. Last year, there was over $2 trillion in credit card transactions just in the US, and the CC companies charge 3,4,5% for each transaction. You do the math.

The ironic thing is that people who declare bankruptcy often get deluged with more credit card offers. That's sick.