I did the masters route first and although its a lot of debt I think it was worth it. I knew that if I didn't go back to school I wouldn't have had much more to add to my application when I reapplied in the future. If you know that you can still do things to make yourself a better candidate without going to the masters program then maybe don't do it.
The best advice I got in the program is that the goal isn't to finish, its to get into a PhD program. You can start the masters in the fall and still reapply. Doing something shows youre more serious than doing nothing if this is your only option.