I think the training behind the degree is more important than the credential itself. But that said, I prefer the training behind the doctoral (PhD in Psychology or PsyD) credentials. Because I'm an academic my experience across fields is that MA curricula are just not very demanding (and there's no way to know if the degree holder was at the top--or bottom--of the class. There's no gatekeeping in the system.) Licensing is tied to particular performance standards, rather than to generic MA degrees. All the "lettered" MAs are licensed, which also means they have completed clinical work beyond the MA curricula and have met certain standards. In my area there are lots of generic MAs in Counseling who are not eligible for licensing. It further complicates things that "therapist" is not a protected title (I don't think "counselor" is, either.) So an MA in Counseling can "practice" as a "therapist," but needn't be answerable to any professional standard.

Only certain PhDs are licensed. So the PhD in itself is meaningless--it's the discipline it's in that matters. Because I live in a University town, there are a lot of PhDs around--but not all are eligible to be licensed as therapists. "Psychologist" is a protected title, so it tells you the person has met, and is subject to, professional standards.

So it really matters to investigate beyond the degree to the licensing requirements in your state.