I'm in a similar situation to the OP - almost 5 years since graduation with a CPL due for renewal and very little to show for it.
I'm not blaming anyone for my situation - at the end of the day it was a risk I took when the times were good; it was only the week before my IR exam that things took a turn for the worse when airlines that would normally be looking to take on cadets didn't; not long afterwards both BA and BE stopped taking on through their cadet schemes and EZ got into bed with CTC.
I didn't do too badly for interviews, and attended selection for Luxair and Tyrolean; both times dropping out at the psychometric stage (and both times being refused any feedback unless I returned in person). Ryanair was a bad day at the office with an utterly horrendous sim which was nothing like the experiences my successful peers related to me. Regardless, I have been doing a multitude of jobs to pay the bills and to get experience where I can. Regrettably in my case I don't have a degree to fall back on either, which is somewhat limiting my career potential for now, and because I don't wish to completely turn my back on aviation whilst my ratings are still valid I'm not yet looking too seriously at an alternative career.
I do consider at what point to just draw a line underneath it and accept that I gambled and lost and start looking elsewhere - I suspect that point is 18 months down the line when it comes to my next IR renewal in an aircraft as it is a heck of a financial commitment. Until that day I will retain a glimmer of hope!