Many investors have been shifting out of bonds into income-oriented equities. I have favored this strategy, but it's very important to realize that dividends aren't the same as interest payments: They can be cut. In that case, not only will your income be less than you expect, but also your investment will most likely decline in value.
If you are employing an equity substitution strategy, it's essential to take steps to mitigate the risk of dividend reductions and consequent capital losses. Some of the factors that make a dividend-paying stock risky would include high levels of debt, high payout ratio (dividend relative to earnings), and a shrinking business (lower future earnings). You can minimize the risk of getting a dividend cut by investing in low-debt securities with lower payout ratios and underlying earnings growth. Another indicator of limited potential for dividend reduction is high insider ownership.
I set up a screen to identify stocks that meet the criteria. Here is what I did (using Baseline):