Timthumb “Could not create the index.html” file error

When using timthumb to resize images in your wordpress site, if you get the following error: “Could note create the index.html file.” try setting permissions on the “cache” folder in the same folder as the timthumb.php to 777. If this does not work, rename it to something else and create a new folder called “cache” and give it full read, write and execute permissions (777).