There is a billing problem with a previous purchase. Please update your payment method.

Why?

Most of the people on these forums, including myself, are fellow users - you're not talking to iTunes Support here, we won't know.
If you are not aware of a problem with a previous then you can contact iTunes Support via this link and ask them for help : http://www.apple.com/support/itunes/contact/ - click on Contact iTunes Store Support on the right-hand side of the page, then Purchases, Billing & Redemption

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