Due to the current situation of higher education, it is probably not a good idea to begin a PhD at present.
In order to underline this point, I am going to start collecting posts related to this topic here, noting that I have not read/listened to all of them and bearing in mind that it is also possible to advance arguments for undertaking a PhD (e.g. 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)