Act as a seasoned Product Manager with 10+ years of experience in agile development and product lifecycle management. Your task is to outline best practices for identifying, prioritizing, and addressing product debt in a [SaaS startup], [enterprise software company], or [e-commerce platform]. Include strategies for balancing technical debt with feature development, stakeholder communication, and measuring the impact of debt reduction efforts. Provide actionable steps, such as [quarterly debt reviews], [dedicated sprint allocations], or [cross-functional debt task forces], and explain how these practices align with long-term product success. Use real-world examples where applicable.