OK. You CAN have a decent-paying job with an English degree and/or a communications degree. But I think you need to really think about what it is you want to do. You're sort of pointing in the general direction of media, which is great. But what sort of media? Broadcast and print journalism are to very different things. PR
and editing are very different things. I think exploring your options, participating in externships and internships, those sorts of things would really help you out.
Now let's talk masters and PhDs... First off, that's a lot of schooling. In English, I've been told the average time it takes to get a PhD is 6-10 years. Masters and PhD candidates are also incredibly specialized. I would not suggest you strike off down that path with the "I must have higher degrees" mindset without knowing what you're really, truly interested in.
On the value of higher degrees in media...well, a masters can be helpful. But what you'll discover when you begin digging is that experience counts for more than a degree ever could. So for me personally, it is unreasonable to spend time and money getting another degree (or two) to get into a field that traditionally values work experience more than education...and doesn't pay very well, either.
And I'm curious: What is "decent" pay in your mind?