It seems that you are in deep trouble having exhausted the available credit limit and in deep debt. You are also aware that unless you take immediate steps, there is a possibility of having to default on monthly repayments and if that happens, your debt burden is only going to keep increasing dragging you further into the pit. People around you and the advertisements often refer to debt consolidation and you are now wondering whether you should go for it.

However, there are certain factors to consider before you take this option. You must understand the repercussions and then decide. They are:
Is the new debt manageable?
One must understand that this arrangement of debt consolidation does not end your payment obligations. It can only permit you to pay less to one creditor by virtue of lower interest rate rather than pay multiple payments at higher interest rates to multiple creditors. However, even if this amount is something that you find difficult to repay, then it does not serve your purpose and hence you must not opt for debt consolidation.
Is it in my favor or not?
People opt for debt consolidation with the expectation that they will be able to pay off other debt by saving some money and the fact that they only need to make one payment to one lender. If however, you find that this option does not suit your expectation and the repayment amount or tenure is beyond your capacity, you need to rethink and pursue other options.