Due to the overall situation of higher education, there are a number of considerations that suggest it might not be prudent to begin a PhD at this time.
I am including some posts related to this topic here, while noting that I have not read/listened to all of them and noting that it is also possible to advance arguments for undertaking a PhD (e.g. here).
Leave Now (here)
How Academia Resembles a Drug Gang (here)
The Broken Promise of Higher Education (here)
AAR/SBL on Decline in Religion Faculty Jobs (here)
Shrinking PhD Job Market (here)
The Discouraging Humanities Job Market, in One Vivid Chart (here)
If you’re thinking about grad school, this chart will scare you (here)
Academia and the People without Jobs (here)
Life After Religious Studies (here)
Counting the Costs On Pursuing Life in Academia (here)
Pursuing Advanced Degrees and Discerning One’s Calling (here)
The Academy’s Dirty Secret (here)
I was a Professor at Four Universities. I still couldn’t make ends meet (here)
They Want to Reject you (here)
Should I do a PhD (here)
Realacademicbios (here)