Depends on your ultimate goals and wants. Pursuing a PhD is a very extensive, time-consuming, and sometimes overwhelming project. Since you've gone through a Masters, you probably have a good sense of what will be expected but it goes further. PhD's are not about your learning and interest, than they are about how you can produce work that contributes to the field and the cannon. It's often about your committee and the college, and how your research fits in with them. Working with a committee, preparing a proposal, taking exams, finalizing research question, writing dissertation is a huge undertaking. It's not for the faint of heart. It requires quite a bit more investment than many realize. But if you love academia and enjoy the challenges, and feel you will benefit, then go for it.
However, it can be a very solitary experience in many ways unless you're pursuing similar work to other graduates in the area. If you're going to be tied in to the graduate community through student organizations, conferences, regular meetings, sharing research, accessible advisors and committee members (essential!), accessible academic resources, etc. you will have a better chance of completing it with your sanity in check. Spending long hours reading literature, and writing can be extremely tedious and mind numbing. Your dissertation will be about what new perspectives or directions you can bring to the study of a particular cultural artifact or concept, not simply about what you want to pursue. I'm assuming you probably know all this already but I'm also writing this for those who may not be familiar with the requirements of a graduate degree such as a doctorate. In the end, it's not simply the decision to pursue the PhD that will ultimately matter, but the process and the journey to completion, that's the real stuff. As @
invisible mentioned, it can be an intense emotional experience.
Other important questions you should ask is what value whether academically, professionally, or financially will you derive from this pursuit? Do you want to be a college professor, then yes, go for it. If you have no immediate financial concerns and think you can pursuit just for the sake of your own learning and academic interests and feel you have the time to give to it, then go for it. Weigh pros and cons.
If your immediate need is to have a job in academia, you can get a job as a college instructor and establish yourself, that will give you some experience in higher ed that could inform your study at the Doctoral level. Also, you could consider a second Master's instead. If you don't feel ready for a Doctorate, you can consider another Master's in a similar or related area. This can give your more options in teaching at the college level, and could also add another dimension to your research and study if you do decide to pursue a PhD later on.
Hope this helps. I hope the decision you make gives you best opportunities to pursue your goals.
