Simplify the following text for a Grade 4 native English-speaking person.
Original: A company uses various kinds of debt to finance its operations . 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 is what someone owes to someone else .