A hard decision but, in my book, the right one.
Having been LHS since 1990 and watched a complete aviation cycle of 'bust to boom and back to bust again' it is not good to watch major airlines laying good pilots off. The situation is exacerbated when airlines go down the pan and there are even more pilots around. That is where we are NOW and no doubt it will not bottom out for some time.
When the recruitment starts there wil be experienced pilots ready to go and I'm sorry but the majority of airlines will take the younger experienced pilot over the 'newbie' every time.
Those 'experienced' pilots will no doubt be like me - used to spending what they earn and will have a nice house with a sizeable mortgage and other demanding financial commitments. If they lose their income they will be more that eager to take any flying job to keep the proverbial wolf from the door. That's when the new guy is unfortunately sucking the hind teat.
There are exceptional offers out there in the training world because they face bankruptcy if they don't have a throughput. However there is little point spending your cash now with no prospect of employment for months perhaps years.
This post is not intended to be unecessarily gloomy but is how I see the current situation.
So 'Yes James' - you made the right decision and I wish you good luck when you decide to rejoin the treadmill to becoming a commercial pilot - it is the best profession!
HWB