I've quickly scanned through the previous replies and decided to just put in my two cents, since I do have a undergrad in English (which included British/American lit, creative writing as well as translation and linguistics and all that) and a post grad in Creative Writing.
I did my English degree back in China. I didn't have a choice. The university wanted me and wanted me specifically for the English degree. I have to explain here that the College Entrance Exam (CEE) in China, which can be perceived similar to SAT in US or HSC in NSW, Aus, was brutal. Through the exam, only approx one out of 100 can go to university, due to the large population. The program of the uni was a pre-selection process, guaranteeing me an acceptance before CEE, so I took it, stuck with the English degree.
I did my Master in Creative Writing in Uni of Syd. I didn't plan to do a postgrad after finishing uni. Thus I spent a gap year deciding if I should start working or do a postgrad. I didn't want to do something in postgrad unless I'm passionate about the subject, thus my postgrad degree. Before starting the degree, I'd known that the degree won't find my good paying jobs. I'd known it won't help me with job finding at all. I simply did it because I loved writing. Family isn't rich, and I'm still trying to pay back to loan.
Coming from these two degrees, I'd say it's easier to just '[get] a degree in something that has a direct job link to the real world (TetRefine, 2014).' I would have done it with my undergrad degree if I had had the choice. But since I didn't.
On the other hand, I see myself as an academic type and continue to be one. When it's the right time (financial/determination), I do see myself doing a PhD, preferably with a thesis that has something to do with creative writing and translation (I do have a tentative thesis statement in my head). I can see myself teaching in uni one day. That's why I haven't regretted doing the masters.
It did give me a chance to be included in the Uni Anthology 2013, and now I can see my name in AustLit. I know it doesn't mean anything, but I'm vain. , and I'm really proud of it.
But anyway, I'm not sure if these make sense. (Most of what I say won't make sense, you'll find.) And I hope my two cents will help, in some ways.