Did the Boy Scouts get it right?

Geoff Colvin is a regular columnist for Fortune and, like others, has focused on the frugality that is gripping more households every day. His recent column is a grim reminder of the value of being “thrifty”, a forgotten interloper, it appears, in the Boy Scout creed.

By any other name, whether it’s collateralized mortgages or synthetic CDO’s, an addiction to debt triggered this economic debacle. The challenge it presents to consumers and taxpayers applies to business as well as you consider your capital structure and your ability to service  debt. Maybe it’s time to recall those Boy Scout lessons and make sure you really need to borrow before you pull the trigger.

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