Think carefully about whether you really want to make an enemy out of this group
Keep the sprint button handy, and if you get in trouble hit sprint and head toward the nearest guard. Once the creature lies dead at your feet, it will usually drop knight gold a bag full of goodies, which at this level is usually some disgusting body part. Double click on it to pick it up and put it in your inventory.
Once you have accumulated enough of them, take then to town and sell them to a vendor. They aren't worth much, but every copper counts. If you have been damaged in the fight or are low on power, sit down. You recover faster while sitting than standing.
After you kill certain creatures, you will get a message that your faction has dropped with a particular group or groups. Think carefully about whether you really want to make an enemy out of this group.
Now, if the creature was already aggressive towards you, lowering your faction does not really hurt, unless you were hoping to some day kill its enemies and gain enough faction with it that you could walk through its territory safely.
However, if a creature was neutral or friendly to you and you start killing its friends, eventually it will start to hate you and all similar creatures will begin to attack you when they see you.