XFR8 is so right!
Don't do it, you will regret it for the rest of your life and don't think for one minute that the contract you are signing will not degrade any further. If you think you can make the sums work now, fine, work on a 20% reduction on income in 10 years time and then compare that to inflation. My Mrs is working the corner of Nathen and Waterloo while the kids have got them selves a part time job packing fireworks.
Pulling together as a family we seem to survive. If you haven't got a family to put to work you are off your rocker!
Best of Luck!