"Are degrees worthless now?"
The question is too simplistic. How do you define "worth"?
As a means of broadening ones academic knowledge, experiencing a different environment, meeting a wide variety of people, etc, they're as worthwhile as you make them, dependent on which subject you study, how much commitment & enthusiasm you have, etc.
As a means of improving ones job prospects, earning potential, etc, the answer is less clear. If you want to become a lawyer, you need a degree. If you want to be a train driver, you don't (purely in terms of getting the job, that is). For many other jobs having a degree is either a nice extra, a tacit prerequisite, or more often these days, simply a tool to make you look more appealing to employers than the other, degreeless, guy.
When I did my bachelors, grants were being phased out but tuition fees hadn't been brought in yet. The maximum student loan I could take out in first year was 700 quid - it was pegged at a level deemed necessary to supplement the dwindling grants. The idea of leaving uni 30K in debt was unheard of. If I were contemplating starting a degree now, knowing what I do about their true worth in the job market, coupled with the attendant spiraling debt, I seriously doubt I'd bother...