I’m no economist . . . but, it seems to me, that if anything should have been learned over these past few years of “economic meltdown” it is the burden of debt. From people who over-leveraged their homes . . . to banks who made it too easy to borrow too big . . . to a whole mortgage industry based on what people didn’t have but believed they could repay . . . and then throw in credit cards with a “monthly minimum” to give you the allusion you’re on top of it . . . and we’ve built a whole wealth system not on how much you own but how much debt you can sustain on a month to month basis. Your proverbial house of cards . . . and the walls came tumblin’ down.

And I’m reminded this morning of another type of debt . . . the debt accumulated by sin. The penalties accumulated to our account due to trespasses. A debt which I, on my own, have no means to pay. Without some sort of intervention, my transgressions against the ways of God, and my violations against other people, only increase the amount owed for atonement . . . an atonement that is beyond any “works of righteousness” to offset. Without a “bail out” I’m lost. But praise God, there is a way to being debt free . . .

“And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with [Christ], 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 ESV)

Before Christ we accumulated a huge I.O.U. We leveraged sin in pursuit of the things of this world and the things of the flesh. But the “pleasures of sin for a season” comes at a cost . . . and we might be able to “keep up the payments” for a while . . . maybe even for a lifetime . . . but the day of reckoning is assured to all. The ledger will be open . . . the record of debt will be tallied up . . . payment will be required. Unless, of course, that I.O.U. is scrapped . . . unless the debt is canceled . . . unless it is marked “Paid in Full.”

And that’s exactly what transpired on the cross. The penalty for my sin . . . all my sin — past, present, future . . . was paid. Forgiveness of trespasses made possible by the canceling of the record of debt. The righteous and just requirements of the “note holder” fully met through the atoning sacrifice of the Lamb of God. My I.O.U. nailed to the cross . . . set aside . . . marked “paid”. All through the shed blood of the Son of God on Calvary’s cross.

And I reflect this morning on the fact that I am debt free. Not sin free . . . but also not accumulating any more debt for, when I do trip up . . . when I do stumble . . . if I confess my sin, He is faithful and just to forgive my sin and cleanse me from all unrighteous (1John 1:9) . . . all because the price has already been fully paid.

Oh, what a Savior! What a blessed salvation! To consider afresh the wonder of His grace . . . and the beauty of being debt free.

How can I help but praise Him?