I do not think you really need any personal finance basics knowledge to know that paying off a smaller amount each month for the same debt is a good thing.
You will have more money in your pocket each month and you will still be paying off your debts.
Basically, consolidating your debts means you take out a loan that will cover all your debts and then, with that loan, you pay off all your other debts.
This will leave you with the same amount of debt but, if you do it properly, you can get a lower rate of interest on your new loan and so you will pay lower monthly premiums.
Therefore, you will have more money in your pocket each month.
The usual way to do this is the get your consolidation loan through a bank, then use it to pay off all your credit card debts.
If you want or need the lowest rate possible you will have to secure your loan by using your home as equity.
Once you get your lower interest rate you should look to paying off your loan faster by using the additional money you now have each month.
Your budgeting will also become a lot easier; depending on how many loans you had originally.
Now with one loan instead of many, you do not have to think so hard or spend as much time on your budget.
Another benefit would be if you, for whatever reason, find you can not pay off your new loan.
Now you will find you are only dealing with one debt collecting agency, instead of one for each of your loans.
If you decide to look into this, use your personal finance basics to set yourself up with a budget, prepared on a spreadsheet.
Take your time over this and make sure you have every eventuality covered.
Now you can make your decision knowing exactly where you stand financially, so you can pick out the best deal for your own personal circumstances.