What is often a requirement for a successful debt consolidation?

A steady income is essential for successful debt consolidation because it demonstrates the borrower's ability to make the necessary monthly payments on the new consolidated loan. Lenders want to ensure that borrowers have a reliable source of income to cover their debts and are more likely to approve a debt consolidation application if they see consistent earnings. This financial stability reassures the lender that the borrower can manage their debt load effectively and maintain their repayment schedule.

While having a high credit score can be beneficial when seeking favorable loan terms, it is not a strict requirement for debt consolidation. Similarly, having no existing debts or multiple credit lines might not directly contribute to the success of a consolidation effort; in fact, if someone has no debts, the need for consolidation wouldn't arise. In contrast, steady income is a critical factor that supports the borrower's capacity to fulfill their obligations after consolidation.