Simplify the following text for a Grade 6 native English-speaking person.
Original: The various types of debt can generally be categorized into : 1 ) secured and unsecured debt , 2 ) private and public debt , 3 ) syndicated and bilateral debt , and 4 ) other types of debt that display one or more of the characteristics noted above .
Simplified: Debt can be secured or unsecured in nature .