You will not need a PhD to teach in further education, and having a masters degree rather than simply a bachelors will mean you start further up the teaching pay-scale. You will, however, have to undertake some form of postgraduate teaching qualification such as a PGCE; there is a specific one for further education rather than secondary, though you may as well try and find a provider who covers both, meaning that you should not struggle to find a job. Another point: if you do go down the college route then you could do a PhD part-time after you have settled down a little and begun to pay off other debts (teachers wages go up every year).
If you wanted to teach in higher education, however, you would almost certainly need to do a PhD, and your teaching experience would come in handy if you were to eventually go down that route. There are very, very few exceptions to the rule - I can think of one person who teaches philosophy with only a bachelor degree, but he is also ranked as one of the top ten most influential philosopher of the last two-hundred years! ^^