Just say no, to credit cards.
By the time you've sold your first-born in 10 years and finally crawled out of debt, that equipment will be well obsolete.
There is nothing wrong with an 8mm camcorder, at all. There are several other things you can prioritise ahead of tangible gear, to ensure you start making decent flicks. Using simple equipment allows you to focus on the really important things, like script and structure. Also practise using various shots and angles, experimenting with other shooting tricks, etc.
Having a better camera *can* make a flick look better, 'tis true... but a top-notch camera will also consistently pump out crappy flicks if the user has ignored the myriad of other aspects to filmmaking that can make or break the film before the shoot even starts.
Don't forget that renting or borrowing equipment can sometimes work out better than owning, too.
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The only problem you may have with 8mm is needing to get an analogue capture card, if you don't already have one, to get the video into your computer. (Unless your 8mm happens to be a Digital-8mm, with a FireWire jack)
