There are several factors someone should to consider before applying for a debt consolidation loan. Here are four instances where they may make sense. (1) Someone’s total income is able to cover the requisite debt payments. (2) Their credit score is good enough to qualify for a low-interest debt consolidation loan. (3) All of their combined debt, excluding a mortgage, doesn’t surpass 40 percent of their gross income. (4) Efforts have been put in place to help avoid debt in the future.