Well done for having the balls to turn the job down. If more pilots did it then T & C's will improve and airlines would have to pay out themselves.
Unfortunatly CTC is effectivly the same thing, If nobody went there then airlines would have to recruit directly pay the type rating and pay their recruits decent money. However as it seems unlikley that inexperienced guys are not going to turn down the chance of working on a jet for peanuts for 6 months then you might as well go for it.
It took me 5 years from finishing my ATPL to secure my first airline job. Even without sept 11th it would have been 3 1/2. So don't give up. I believe some one was doing poll to see how long the average guy/girl takes. 18 months seems to be the norm.
BB 