Previous work suggests that people's preference for different kinds of information depends on more than just accuracy. This could happen because the messages contained within different pieces of information may either be well-liked or repulsive. Whereas factual information must often convey uncomfortable truths, misinformation can have little regard for veracity and leverage psychological processes which increase its attractiveness and proliferation on social media. In this review, we argue that when misinformation proliferates, this happens because the social media environment enables adherence to misinformation by reducing, rather than increasing, the psychological cost of doing so. We cover how attention may often be shifted away from accuracy and towards other goals, how social and individual cognition is affected by misinformation and the cases under which debunking it is most effective, and how the formation of online groups affects information consumption patterns, often leading to more polarization and radicalization. Throughout, we make the case that polarization and misinformation adherence are closely tied. We identify ways in which the psychological cost of adhering to misinformation can be increased when designing anti-misinformation interventions or resilient affordances, and we outline open research questions that the CSCW community can take up in further understanding this cost.