My friends and I call each other degenerate when we do things that are degenerate. Like playing wow until 6am. Or buying a taco bell burrito with the intention of reheating it the next day. Or binging some garbage reality show. It's all in good fun.

I wouldn't take it personally, it's just a term that jokingly means "a person who has their shit together wouldn't be doing that", but we all have those things and they're fun to take note of and laugh about.