Clearing user data for Google Play Services I am using Samsung Galaxy On7, Android 6.0.1.

My phone internal memory is quite small, 8GB. Moreover, apps like MS Word and Excel, which can be moved to sd card, come inbuilt, as a result of which I cannot move them to sd card. So, I clear user data for apps as much as possible, so that space can be freed up.

Now, I see that Google Play Services is using up 68MB of data. I want to clear this data, but as this is one of the basic apps on which the phone runs, I want to know what might be the ill consequences of clearing this data. Will apps no longer run or I'll face grave troubles if I clear this user data?
From experience ;
You won't face any grave troubles or troubles for that matter -worst case being you may be required to log in again into Google accounts. But this isn't going to fix your storage problem as it gets recreated
But don't delete Google Services Framework data. Your Google based apps will stop working and you may need to install apps all over again or do a factory reset / flash  ROM again ( this was the option I chose when things turned troublesome )
Thanks to Izzy for additional inputs on Google Services Framework

Google engineer explains why you shouldn’t clear Google Services Framework data | TalkAndroid.com. That would essentially reset the ANDROID_ID assigned to the device, so a lot of apps will feel like &quot;factory reset&quot;. Especially those using GCM might behave strangely then (need to re-register with the corresponding servers as the ID changed)
ANDROID_ID is set on first start and usually lives until you do a factory-reset; details can be found in my (Izzy's) article Android Identifiers: How Android devices and their users are identified.