I went for the opposite tack when I founded my startup - live with my parents and do all the coding myself - and I would highly, highly recommend that over the credit card approach. My startup also failed. I also felt it was well-worth it for the experience and skills gained. I also found I loved startups and want to get back into them again.
The difference is that when my startup failed, I had money in the bank, no debt, and no particular time limit for finding another source of income. And that gave me options, and options gave me negotiating power. I was able to turn down offers that I felt would be career dead-ends or wouldn't teach me much, and would've even been able to found another startup immediately if the right opportunity hadn't come up. Instead of working 6 months on boring consulting jobs, I was able to spend that 6 months taking a job that taught me things (which has turned into 2.5 years, because the job is still teaching me things).
The difference is that when my startup failed, I had money in the bank, no debt, and no particular time limit for finding another source of income. And that gave me options, and options gave me negotiating power. I was able to turn down offers that I felt would be career dead-ends or wouldn't teach me much, and would've even been able to found another startup immediately if the right opportunity hadn't come up. Instead of working 6 months on boring consulting jobs, I was able to spend that 6 months taking a job that taught me things (which has turned into 2.5 years, because the job is still teaching me things).