There are a few important things to consider though. Obviously, money is important, but you also need to think about your mental heath as well as the music you're creating. The music business is expensive to break in on. You'll need money to get things rolling and a day job is a definite advantage in this area. If you do fall on your face with a large debt, you'll just be that much more obligated to go back where you came from.
Debt is too much to deal with in a crazy environment like the music business.
It's going to be better eventually, but you're going to work all the time for a little longer at making money or getting the band established. This is where a lot of people find out they're not cut out for the music biz. No problem with that. People change and their plans change. I'm not cut out for being a working musician myself, but I still enjoy playing.