Credit Card Crunch Threatens Independent Film
Most Americans use credit cards to pay for long term expenses or for special treats. A few credit card account holders aim even higher with their wallets, by winning Academy Awards. At this year's Sundance Film Festival, documentary filmmaker Jeffrey Blitz explained to CNN Money reporter Cindy Waxer that credit cards have become an essential tool for independent writers and directors.

Blitz and his partner, Sean Welch, used fourteen credit cards to fund their Oscar-winning documentary Spellbound. Speaking on the eve of a special festival series highlighting ultra-low-budget production, Blitz warned that the sudden downturn in consumer lending could have an unintended chilling effect on independent film.

On the other hand, professional filmmakers and financial advisors agree that the nation's credit crunch could act as a filter to prevent artists from making unprofitable decisions. Instead of diving deep into debt, filmmakers can get more creative by using less expensive technology. In addition, a new wave of online tools allows artists to accept credit card donations from fans eager to fund creative works.

About the Author


Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.