Here are three steps to reduce debt in a cost-effective manner.First, be wary of free credit reports and hidden financial products. Simply accessing your credit history may result in unexpected charges. When accessing your report, keep track of when you’re redirected or asked to take part in free trials. Opt out as soon as possible if you unknowingly subscribe to an unwanted service. Second, know your rights and avoid unwarranted charges. Understand each debt’s details to avoid inflated sums or being misled into an unmanageable repayment plan. And finally, negotiate more favorable terms with your creditors. It’s much easier to do now, as debt collector scrutiny has intensified. Explain your circumstances and ask the collector to consider revised terms that better suit your means.