The most common and most likely answer to this crossword clue is the 8 letter word RAKEHELL
I've seen this crossword clue in Financial Times
R
A
K
E
H
E
L
L
Buddy explains!

The straight part
We know that "Degenerate" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case degenerate = rakehell.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RAKEHELL mean?
RAKEHELL noun- A lewd or wanton person; a debauchee; a rake.
- Immoral; dissolute.