I was in the same boat some years back as I'm sure many others were only I didn't have as much debt because I went modular and paid as I went along. When I couldn't get a job I saved up more cash and leave and did an instructor course. I got an instructor job soon afterwards but had to travel for it. Two years later I got an airline job. If you're instructing you're staying current (you can always shoot an ILS on a trial lesson, if one's fitted) and building the hours. In short if you're instructing there's light at the end of the tunnel. Just my experience for what its worth.