Just my 2 cents here, but I think it is absolute MADNESS to borrow the kind of money that flight training requires at rates around 10% (or higher) for the kind of job prospects you will end up with.
I believe there are only 3 reasonable options:
1) Save all the money and pay for it yourself. Might take 5 years (or more or less) depending on your current earning power. Don't have the patience? Remember, patience is a virtue. How much do you want to be a pilot anyway? Good things come to those who wait.
2) Go to a community college/university flight school where you can get federal student loans. They won't cover all of the costs, so you will still need to provide other funds, but it will help.
3) Go to the military.
Please don't finance your flight training with credit cards. You are setting yourself up for future financial disaster.
Learning to fly is no different than any other college major or trade.
You are not guaranteed a job with any degree. You can spend 4 years in Undergrad 3 in Law school and not pass the Bar.How many MBA's were just put on the streets with this financial crisis? What about Real Estate professionals and Financial analysts?
I understand a flying career is not always stable, but honestly what career is any more? The days of employer/employee loyalty are long gone. We are all seen as numbers, even at the smallest of firms, that take away from the bottom line. If a company comes along that can do your job just as well for cheaper, you will be outsourced. Then you can go reapply at that company for a lower salary doing the same job.
Borrowing at 10%> is not a great financial move but that is where we are. Banks do not want to loan money. Getting an education these days, in anything, is extremely expensive.
As I see it there are two options.
1. Work an unskilled labor/retail job and hope to work yourself up to manager.
2. Deal with the current financial situation and find a way to get the education you desire. If that education happens to be flying an airplane then so be it.
I dont see the point in waiting 5 years to begin your education. You have no idea what the situation will be in 5 years. Fuel could be twice as high, training could cost twice as much and you would need to save another 5 years to have the funds to finish. The economy will rebound, if it doesnt then we all will have much larger issues to deal with than debt, like will the mold on this bread kill me if I eat it.
Get the training done during the down time. Work any job you can to pay down the debt while flying jobs are hard to come by. When possible get a job flying, build your hours then get a spot towards the front of the line in the next airline hiring wave.
*sort of*. Flying is no different. You could sit around waitying 3 years saving to avoid taking out a loan and in that time costs could go up by 20%-50%. You would not have saved any money and would have lost time. 
