Only do this if you really, really REALLY want to, above all else. Because what people are telling you is true. The industry is in poor shape at the moment; of course, that could change, but it's showing no signs of doing so.
Having said that, if you are determined enough, you will probably get an instructing job, at least part time, IF you like people and realise that getting on with your colleagues and the people who come for trial lessons is at least as important as your flying ability. That will enable you to build hours, albeit slowly. As for paying off your debt...I'm really glad I didn't have any (or very little) as it would have been seriously difficult.
So yes, it can be done. But it won't be easy, and that's definitely an understatement.