Marcin,
It seems like you're hesitant because you have some other options in life. If you do have other good projects in life besides pursuing Graduate school in French literature, sure go for them. Otherwise, doing an MA/PhD is quite a good experience as it connects you with great people you might not get the chance to meet elsewhere. And the status you gain with a PhD is worth the endeavor I think. Do not worry too much about the MA issue, you'll just be a part of the graduate team where you're treated as a colleague by the professors. The stipends are not bad usually, depending on how spendy you are, you should be able to survive on them(we're not talking about the high life), but still. besides, it's not hard to find things left and right to help the finances: tutor, adjunct or translate. Financially speaking being in the south is best, so Emory, Duke or UNC are good options since the cost of living is generally better than up north (NYU, Boston).
Hope this helps a little. Good luck on your search!
