Some thoughts
I greatly sympathise with all of you having spent 18 months job hunting and falling back on my previous IT career during that time.
There are a couple of issues I think with this industry. The main one is that training is exclusively a private enterprise not run by Government. This leads to flying schools expanding their intake far beyond the numbers of available jobs. As a contrast my wife has recently embarked upon training to become a teacher (PGCE). Now the Government pays a training allowance of £9000 for 9 months tuition and restricts the numbers who can train so that it more closely matches the demand for teachers within the industry. Result is that hopefully everyone with the ability who passes the course should get a job. The starting salary is £21000, with a reasonable expectation of achieving a Head of dept type salary within say 5 years (£36k ish). Factor in the fact your training is paid for, a further £5000 golden hello for new science teachers and the fact that you get 12 WEEKS paid holiday a year and you can see how much better this is as a deal than being a pilot nowadays!!
Sadly this profession is becoming a joke in terms of the employment conditions, working hours, salaries, employment prospects etc and many of you would be well advised to explore some potential alternatives that pay better, even if only as a means to support yourselves and have a comfortable lifestyle while you keep current at weekends and wait for the upturn. When the upturn comes you will then have a reasonable job and you can decide if you actually want to leave it to fly.
What I'm trying to say really is you are where you are. You can't get a flying job at the moment so you might as well fill your time doing something decent rather than working in McDonalds - get yourself a second career.
Just recently we had a F/O with 3 years flying under his belt who went back to ATC because the hours and pay were far better - and he'd made it to the right seat of an airliner!! Another left to train as a train driver - all training paid and £50k a year! Another Captain I know and keen sailor is contemplating training as a liner Captain with P&O or whatever because he'd see the world and enjoy the status and tradition - fine dining etc that airline Captains are nowadays denied. Flying really isn't what it used to be, it's hard to see that when you're a wannabe, but ask any airline pilot and they'll agree. Of course we all love the flying bits of the job but if you really look at the workload, the pay, the training costs, the unsocial hours etc in an unemotional manner I'm not sure it makes that much sense as a career nowadays compared to some of the better alternatives.