I have noticed that when I load PE7 on the screen it says gathering user information and the little gold bar just keeps acting like it's trying to find something.
When you first installed and registered the program, you were signed into Photoshop.com. Unless you explicitly log off, the program is set up to automatically reconnect you to your account when you start the program. You won't see the sign in to your Photoshop.com account that Bobby mentioned, instead you will see the gathering user information message and the gold progress bar. Normally, the bar stays on only a short time and will go away once the reconnection has finished. The "Welcome Monica" message at the top is also an indication that you are signed on to your account.
Does the gold bar eventually go away? If so, you are OK and don't need to worry about it. If the gold bar doesn't go away, it's an indication that the program can't reconnect for some reason. Usually, that happens if your Internet connection or Photoshop.com is down. But, other things can cause it too. You mentioned you didn't renew your membership for the extra storage. Perhaps that is part of the reason. Try using your browser to go to
http://www.photoshop.com and then click on "sign in" in the upper right corner. Can you sign on OK?
If you changed from the "plus" photoshop.com account to the "basic" account, you might need to sign out in the program and sign back in. Click on "welcome monica" and it should give you an option to sign out. After you do that, the "welcome monica" will disappear and you will get "sign in". You can click on that and sign back in. If you don't sign in, the next time you start the program you will see the sign in boxes that Bobby mentioned instead of the "gathering user information" message and you can sign in then if you wish. I'd make sure I could sign in on the photoshop.com website before I logged out in the program though.