I keep getting "cannot update payment information" in response to adding a valid credit card or paypal

 Do you have access to another WiFi network where you can try? That has worked for several people.

Try a restart.

Restart your iPhone, iPad, or iPod touch         

Try a forced restart.

Reset Device.      

If necessary, contact iTunes Support for assistance. See the Apple Support articles below for contact information.   

iTunes Support – world wide 

Apple Support schedule phone call      

If necessary, try Twitter

https://twitter.com/AppleSupport.          People have posted it may take an hour or more to get a response.