1993-1994 was before the first flush of "dotcom 1.0" era VC money, which showed up in the 1996-2000 era before the big crash.
I'd rather have 20% APR, than give away 20% equity. Why? Because when the debt is paid to the credit card company they go away. The VCs will always want more and more, pushing your company faster than it should go.
30 with 3 kids and no savings? Yes please, give away some of my profits so VCs can derisk the startup.
20 and living with parents? Bootstrap away, if I fail I will be fine.