Feeling Lost Post Graduation

Recently, I have been left feeling completely lost as to what to do career wise. I am currently stuck between a rock and a hard place and have no direction in which to focus my efforts.
I graduated last summer with a First in Computer Animation and Digital SFX. Then over the summer free-lanced for a local company who later offered me a full time position. The money was ok for a graduate position but I was primarily happy to have gained work in my field.
However, the company who hired me on a full time contract was a small to medium business. I was their first full time Film and Media designer, as previously the boss' son had been doing the work. They had very limited resources and after explaining why the footage was not up to the professional standard they were aiming for and proposing the purchase of professional equipment, resulted in them terminating my contract after 2 and a bit months. Stating they could no longer afford it.
This all happened just before Christmas and I am still out of work. I have applied to a multitude of jobs, to no avail and I am starting to see less and less options for me. I try looking for work in computing and IT however I feel the mere title of my degree makes employers assume it was purely artistic, which it was not. Then I apply for jobs that are minimum wage, simply to pay the bills, but most importantly so when I apply for jobs later on, there is not this glaringly large gap in my employment history. Yet, I still haven’t heard back from those either.
One glimmer of hope I did try to look into was a master’s degree, however, after researching the job prospects of gaining this degree and putting myself deeper into debt I realise that it would mean nothing without any relevant work experience. Adding to this I have no idea how I would fund the course, without crippling myself financially more than I already am.
I feel completely lost and at a dead end. Anyone been in a similar situation or generally have an idea how to climb out of this JSA hell hole?