We All Leave Las Vegas - One Way or The Other

The de-leveraging that is taking place today is uncomfortable for many people.  Although I peddle debt for a living, I’m not in that group.  Why is it uncomfortable for so many?  My thought is that it can be connected to a definition of cognitive dissonance that I came across.

"Cognitive dissonance is the mental conflict that people experience when they are presented with evidence that their beliefs or assumptions are wrong."
Montier (2002)

For many years, people have been led to believe that debt was not necessarily a bad thing.  Several generations have been led to believe that buying on credit wasn’t something that should be avoided - buying anything on credit – a house, an education, a car, the kitchen table, a flat screen television, a motorcycle, etc.  Politicians were no different.  They bought votes on credit as well.  It’s unraveling just as it should.  The “hair of the dog” for an alcoholic is a form of cognitive dissonance in that it is two conflicting thoughts held in the mind at the same time – the drunk knows that one more drink isn’t really going to help him or her with his or her root problem…but it makes the unpleasant thought of drying out go away for a little while.