Audio Hiss --tried TrackEQ, tried Audacity

I am trying to remove audio background hiss in TrackEQ (I tried playing with threshold/amount/attack/release in track compressor but wasn't able to get noticeable changes in results). In TrackEQ when I "lower the numnber 4" I can remove the background hiss, but the sound quality becomes muffled. Gotten similar results with audacity.

1) Is there any better software solution to removing hiss without sacrificing much audio quality?

2) I'm using $25 lavalier mikes--can someone recommend a microphone solution that doesn't cost thousands of dollars?
Thanks
K