It looks like iTunes Store is currently down due to a credit processing problem. The issue has been reported by many Twitterers in the past 10 hours. A pop-up gives an error message whenever users try to buy Music or Video or Movies or anything from the iTunes Store.
The error message is something like this when user tries to purchase from iTunes Store
Image Courtesy: VentureBeat
But, I tried my iTunes Store and it worked without any problems. I was able to purchase and download Music from my iTunes Store Account. The only difference being, my iTunes Store Account is New Zealand based.
Are you experiencing problems with your iTunes Store? If so, please leave a comment so that it can help others