Currently Being ModeratedSep 25, 2012 12:22 PM (in response to Zenon Y)
Are you able to login to appleid.apple.com? That error typically means the purchasing portion of the account has been disabled. If you can login at that website, and you only get the error in iTunes or the App Store, you have to contact Billing via Expresslane.apple.com, and verify your identity. It is usually a straight forward process and is resolved efficiently via email. If you cannot login at appleid.apple.com, you will do the same thing, but the process is more serious. The fact that you are able to reset your password leads me to think that you have the easier issue.