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Family Sharing Set Up and iCloud Update Payment Problems

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Hi,
I have been trying my best to set up Family Sharing on my iphone. Each time I have tried I get the message in the second step of setting up Change your payment method. Your payment for this account to be verified. Please update it in the settings. I tried this numerous times without any success.

When I tried updating my payment in iCloud the picker for the expiration month will only let me choose November and December.

I would like any suggestions to fix the problems I'm having. Have a good day!
Thank you,
Joann

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