The Debt has been cancelled

Some of you know the feeling of having a debt completely paid or you getting close to paying one off. Whether its a car, credit card, or a house, it feels good know that the debt is gone. You may feeling like singing, "Free at last, free at last. Thank God Almighty, I'm free at last." It would even be more joyful if someone else, whether a relative or friend, took upon himself to pay off that debt.

Years ago, my wife and I were having lunch celebrating our anniversary when we notice the pastor of the church we were attending at that time came into about to have lunch with a friend. He came over to say hello. We told him we are having lunch celebrating our anniversary. He was excited for us when he did something I did not see coming, he grabbed our check for us to pay for our lunch and put it in his pocket. My wife and I could not believe that happened. He was paying for his own lunch, his friend, and ours. We praised God for that moment because of our pastor's generosity and the fact it was our anniversary & God gave us a gift (that's how I looked on it at the time).

As Christians, we know that feeling because we have a debt to God that has been paid off by Someone else. Our debt was due because of sin. We committed cosmic treason before God and He has every right to punish sin because He is the creator of the universe. Instead, God sent Jesus to do what we could never do. Lived a perfect life on our behalf, took the wrath of God on our behalf, and died for our sins on our behalf. As Jesus was nailed to the cross taking our punishment (God's wrath), he cancelled the debt we owed to God:

And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with him, having forgiven us 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 a study note from The Reformation Study Bible:

The law is compared to a certificate of indebtedness written in the debtor’s own hand. Jesus was born “under the law,” subject to its demands and curses (Gal. 4:4). On the cross He was “made . . . to be sin” (2 Cor. 5:21) and endured the law’s curse against unrighteousness (Gal. 3:13). In the execution of the death sentence on Jesus when He was nailed to the cross, Paul sees the cancellation of the death warrant that stood against transgressors of the law. The believer is no longer subject to the threat of the law’s condemnation.

Rejoice Christian. Our debt is cancelled by Jesus.