I don't have a different payment method so now I have to close an account I've held for 5 years and lose all my content...... am I right?

Question

So it seems that a LOT of people have been having this problem. (Being...)
Credit card being declined.
I have had 2 different indicators from iTunes that something I have done is wrong.
1. iTunes does not accept my security code.
     -This could be caused by the details held by my card's company/bank not having the corresponding details on file.
     This is not the case.
2. It mentioned that because my account had been accessed from another source (my iPhone) I now had to re enter my details to continue making purchases (which includes updating apps on iPhone).
So I re entered my details. Then a notification also came up telling me that I had an outstanding balance that had to be paid (honest mistake though I'd love to know how exactly anyone comes to owe iTunes) and that this particular payment source had been declined and I must enter valid details.
Well thats weird, because this card IS valid.
So here's how I see whats happened. I've tried to make a purchase. The payment was processed via my >>>DEBIT<<< MasterCard and was declined because I didn't have enough funds. This is fine. This happens all the time. Its cash. You go to pay for something, "you don't have enough, oh well you don't get the product". Except it would seem that iTunes has seen this as "Your credit card has declined, well, you must be some poor bloke who we may have some problem getting payment from so were going to put a hold on ALL future purchases you try to make on this card."
Oh, that's okay! I'll just go to my wallet and get another one of my 1,000,000 other credit cards I have and just use that. That's right, I don't have one.
It would have been fine if iTunes allowed you to just select "none" as a payment method because that way I could re-enter my card details (which now has money in it) and it would be processed just fine. But no. iTunes will no longer accept my card and my account and all of it's apps have been put on hold.
My only choice seems to be to apply for a credit card for the sake of a 99c app. Brilliant.

Answer 1

so now I have to close an account I've held for 5 years and lose all my content...... am I right?
No.
I suggest you contact iTunes support.
-> http://www.apple.com/support/itunes/contact/
and was declined because I didn't have enough funds. This is fine. This happens all the time. Its cash.
I wouldn't say "this is fine" and it is not cash.
In many places, attempting to use a debit card with no funds (even if you don't know there are no funds) is fraud and is illegal.