I think the article is ridiculous. As if teaching English is the only career where university leavers are asked to do a lot of work for little reward. Try and get an entry level job in a media, and tell me it's any different. The author's problem is that he seems to think an irrelevant degree and a 4-week course should guarantee him a comfortable existence in one of Europe's most expensive cities. Hell, a full 4-year teaching degree won't get you that in London, so why would an initial 4-week certificate get you that in Rome? However, I certainly enjoy a comfortable existence in the biggest city in Vietnam. I eat out every day, I live in the city centre in a 16th storey flat, and I save a significant portion of my salary. But maybe I just did my research better, and didn't expect people to look at a piece of paper from Oxford and hand me money on a plate?
As for career progression, again, he obviously has no clue what he's talking about. But this one is all about attitude. Sure, there aren't the same structured training opportunities available as in other industries. But you have to treat those initial jobs as training for further qualifications. Again though, perhaps I actually did my research, unlike the author, and picked a school with proper career progression. And crucially, the one thing about teaching abroad is that for so many people it is a short-term experience, so the amount of genuine competition for the higher level jobs is actually much lower than a lot of other industries, be it management roles, teacher training or teaching for places like the British Council.
So it might be an accurate account of how someone with no experience and few qualifications is treated in Western Europe, but I'd be surprised if serious EFL teachers (i.e. ones that haven't spent their entire career going through the motions, and did nothing after the initial minimum qualification) are treated the same way.
As for getting trapped, well even if you don't have the money saved, surely it's not beyond you to apply for a credit card.