I am trying to set up a new Visa debit card and my payment continues to be denied. Plenty of money is in my account

If it's a debit card then that might be why, not all seem to still be accepted (and they might not be accepted at all in some countries).

For a card to have a chance of being accepted it needs to be registered to the same name and address (including format and spacing etc) that you have on your iTunes account, and have been issued by a bank in the country where you (and therefore the country which is on your iTunes account). If it is then you could check with the card issuer to see if it's them that are declining it.

Or do you have a different card that you could try, preferably a credit card ? Or are iTunes gift cards available in your country to use as your payment method ?