Is it Worth the Risk of Going into Debt for a Masters Degree Versus a PhD?
When I was studying for my MBA I also thought about this choice. However, a PhD is long and I was looking forward to working with my new-found knowledge sooner than a PhD would allow. For me, I prefer to balance practice with theory. That is, I did not want to wait for longer than I had to before being able to use my knowledge in the 'real world.'

That said, I'm now looking seriously at a PhD and I certainly do not regret my decision. I could work while I was studying during my MBA. Now, I do understand that one can take some time off during a PhD but I wasn't really looking forward to starting something which would likely require a break. I prefer the clean completion which the master gave me.

Since I could work while studying my MBA, finances were not much of an issue. The cost of my education was easily offset by the higher salary which came with the degree. The payback period (considering the increase in my income directly related to my additional qualification) in my case was less than 18 months.

It is a little different from your situation in that many people who study business for work in the real world do not go beyond an MBA. I will, but I also teach.

In short, I'm glad I got my MBA before pursuing a PhD.