Why many people don't borrow money from financial institutions?

Many people avoid borrowing money from financial institutions due to concerns about high interest rates, which can lead to long-term debt. Additionally, some individuals may have a fear of being unable to repay the loan, resulting in financial strain and potential damage to their credit scores. Others may prefer to live within their means and save for purchases rather than incur debt. Lastly, a lack of financial literacy can make borrowing seem daunting or risky to some.