I think the answer ultimately depends on what is the career path that you choose after pursuing masters degree or PhD.
If you want to become professors, principal investigator, research scientists, or specialized researcher in the industry, then getting a PhD can be the necessary prerequisite for those jobs. However, if you want to get some other jobs like teaching, business, finance, and other industry, then getting a PhD may be counter productive. Few of the reasons are the lack of training in professional skills for entering the job market, overqualified for jobs, etc.
Doing masters instead of PhD for those other jobs can be more advantageous. First, you'll only spend ~2 years in the university instead of 4-8 years. Second, it can give you more competitive edge in the crowd of degree holders, yet not being overqualified. Third, higher salary compared to degree holders. Fourth, you'll be more generalist rather than specialist (this can be both advantage and disadvantage). Fifth, less commitment and time needed in case you want to change your career.
I have some Hubs about PhD that you may want to read if you consider to get a PhD.