I have been trying since last night to make a purchase on Steam. I am constantly getting an error that says "There seems to have been an error initializing or updating your transaction. Please wait a minute and try again or contact support for assistance"

Things I have tried
Moving away from Steam Beta. Did not work
Clearing Download Cache. Did not work
Clean reinstall of Steam. Did not work.
Checking for pending transactions. Nothing

I have also tried to purchase product with the Steam App and I even get the same error there. What is wrong with my account?