I'm not sure it's all that people are scared to borrow. Keep in mind many people have likely out of necessity tried to get more credit in the past 2-3 years only to get declined and watch their credit score drop. It's not like everyone got a memo saying "Hey, banks and CC companies might not turn you down now if you apply for more credit." In fact just today I got the first CC preapproval junk in the mail in the past couple years.
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