XBOX 360: Account suspended due to problem of payment option

My problem is that whenever I turn on my Xbox 360, it gives me a message saying

"Your account has been suspended due to a problem with your payment option. Please use a different payment option or update your current information in Account Management."

It gives me the options to either update my profile or cancel to go back. I tried clicking on the update profile option but it takes me to account management where nothing happens and I am resend automatically back to message again. Please help me to fix this problem.

Try to login to 'billing.microsoft.com', it will show you the actual problem you may have and the reason the account was suspended. If nothing gets shown, then just update your information over there along with the credit card information or whatever you have for the payment.

This seems to me subscription problem, may be your card had expired. But this shouldn't have happened all of a sudden, they must have given you a warning on your email address before. The only solution that comes to my mind is renew your subscription.

Try to update your credit card information via billing.microsoft.com. I would suggest just pay the money and tell them to remove your credit card number from the account. Then you can purchase a years subscription also if you want.