It depends entirely on the situation - your degree will take time you could have spent doing other things (eg. apprenticeship) it will create expectations/influence the kind of job you're willing to accept and can be detrimental when applying for lower skilled jobs.
A degree usually won't "diminish" you chances, but you spend a lot of time studying.
One of the most beautiful concepts in Finance is Future Value: 1$ a year from now doesn't have the same as value as it does right now.