I've posted a bunch of times in answer to similar questions that I don't think it matters too much. Or rather, the therapist's degree matters, but other factors matter more. In my experience, an MD or PhD doesn't have any predictive value (versus a master's degree) with respect to the quality of the therapist. (Hey does anyone remember Dr Laura??)

However... I recently saw a business card for someone who calls herself a psychotherapist and only lists a BA after her name. My first thought was that she was a bit of a fraud and that I'd never see someone like her. So I guess I do put some stock in the therapist's degree after all.