MIKECR has done exactly the right thing for his own personal circumstances, it's not for someone else to criticise. Besides it's about time a piston operator got a rejection from a commercial pilot, rather than the usual other way around scenario (I don't suppose they'll be man enough to learn a lesson from it, and there'll be some desperate pilot to jump in MIKECR's shoes before too long, but serves them bleeding right in my opinion - small justices in this industry are few and far between). I expect that, were the wages small but barely acceptable, he would have jumped at the chance to be flying for a living, even though it represents for him a large pay cut to get him going. I suppose we can't blame small operators for exploiting wannabes just because they can, but it doesn't mean we have to like it, or that people like MIKE should endure debt out of an obligation to get going.
I guess the answer to the original question in this thread is, if it's not stating the obvious, you can only take the other job if they work for your own personal circumstance. If it is too much of a risk for you to take an onerous bond (in spite of the current talk, especially from IPA, about the lack of substance in such contracts), then it doesn't work for you and as such isn't an option. It is therefore also nothing lost: you were not able to accept it in the first place, much as you need to get flying.