CANCELING THE DEBT

Scripture Reading: Colossians 2:11-15

“And you, who were dead in your trespasses and uncircumcision of your flesh, God made alive together with Him, having forgiven all our trespasses, by canceling the record of debt that stood against us with its legal demands. This He set aside, nailing it to the cross.” (Colossians 2:13,14)

Here is the miracle of salvation — “And you, who were dead in your trespasses and uncircumcision of your flesh, God made alive together with Him.” Paul is speaking of the regenerating work of the Holy Spirit. We were spiritually dead and incapable of understanding spiritual truth (I Corinthians 2:14). But God made us alive spiritually. He caused us to be born again. When this occurred, we were given new spiritual life and new abilities to grasp spiritual truth.

As a result of the redemptive work of our Savior, we have been forgiven of all our trespasses. The record of our debt that stood against us was set aside by God because He nailed it to the cross. Jesus took our bad record (all the sins we have committed and will commit) and bore the just punishment that is rightfully ours. He paid the debt so that our sins could be forgiven.

And the good news is that we get Jesus’ perfect record! His perfect righteousness is imputed to us when we are justified by God. As a result Christ is able to present us holy and blameless and above reproach before our heavenly Father (1:22).

Picture this –the record book of all your sins being nailed to the cross. Then accept the forgiveness God has granted you when He canceled the debt that you owed Him. Now there is no place for guilt and shame in our lives. The debt has been paid and we have been set free from all guilt and shame.

Lord Jesus, how can I ever thank You enough for taking on the debt that I rightly owe God and paying for it fully? I know that the record of debt that stood against me has been set aside because it was nailed to the cross with You. Now my sins are completely forgiven and Your righteousness has been imputed to me. I can stand before my heavenly Father as one who is holy and blameless and above reproach.

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