If you're interested in tenure-tracked academic positions, I would definitely recommend a PhD. Depending on your research specialty interest, your grad school research mentor and who you publish with can play a major role in where you land. Outside of some select PsyD programs, you're almost certain to receive better research training, more opportunities for collaboration that can turn into successful posters and articles, and better mentorship on how to develop your own research program.
Even if you're primarily interested in teaching in other settings (community college, liberal arts, part-time adjunct) where research productivity and ability to secure grants is less crucial, a PhD is probably still preferred since majority of doctorate level college faculty are PhDs.
