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. He disarmed the rulers and authorities and put them to open shame, by triumphing over them in him. Colossians 2:13-15 (ESV)

Here Paul by the Holy Spirit describes the cost of buying us back from slavery and breaking those chains. The reason we are in slavery is the debt we owe to God.

This record of debt is to be understood as a promissory note. It acknowledges that we are bound to keep God’s laws and satisfy his demands. We all show this sense of obligation through the many resolutions, vows and promises we make to satisfy our consciences. Deep down we know we are not all we could and should be. Our struggle is fully brought home to us only when in all seriousness we attempt to settle our accounts with God. How often do we bargain and make deals with God?

The truth is, we cannot pay the debt we owe. We can’t even begin to make a dent in the debt. Paul says the debt is paid for us. When Paul says set aside that implies the total obliteration of any debt we owed to God.

Nailed with Christ to his cross our sins went with him to his tomb, to be buried there forever, while Christ rose, having fully met the divine demands upon his people (Dick Lucas)

This is how a holy God can be just in canceling a debt. The Son paid the full debt when He died on the cross. If a judge simply sets a man free who is guilty of a crime, the judge cheapens the law and leaves the injured party without restitution. No payment has been made, no punishment meted out. God in Christ paid sin’s debt when Christ went to the cross, and He upheld the holiness of His own Law. The debt of sin is death, and the debt was paid.

There is more in this transaction then cancelling a debt. We need more than just a zero balance before God. We still have no righteousness to offer. We still need something to make us presentable. I may want to buy a house or car and can have no debt. That may make things easier. But if I have no money to buy the car or house what good is it to be debt free?

God has given us the righteousness we need. In 2 Corinthians 5:21 Paul writes For our sake he made him to be sin who knew no sin, so that in him we might become the righteousness of God.

The principle taught here is imputation. This is a word borrowed from banking; it simply means “to put to one’s account.” When you deposit money in the bank, the computer (or the clerk) puts that amount to your account, or to your credit. When Jesus died on the cross, all of our sins were imputed to Him—put to His account. He was treated by God as though He had actually committed those sins.

The result? All of those sins have been paid for and God no longer holds them against us, because we have Christ as our Savior. But even more: God has put to our account the very righteousness of Christ! “For He hath made Him [Christ] to be sin for us, who knew no sin; that we might be made the righteousness of God in Him”

It is not enough to have no sin. We still need righteousness. We still need a relationship. Legally God has settled our debt. But relationally He has adopted us into His family. Instead of judgment He has at great price redeemed us and made His child.

What a transaction. Our debt paid, but not just to a zero balance, His righteousness imputed. We are adopted and now have all the privileges of family and the resources that go with family

It also says God made a spectacle of spiritual beings, putting them to shame. We now can stand before the world and proclaim, not what we have to do but what God has done. We can proclaim or announce what God has done In taking away our sin, granting to us His righteousness and calling us His own.

There is one stipulation if you will and it goes back to Colossians 2:6 Therefore, as you received Christ Jesus the Lord, so walk in him, rooted and built up in him and established in the faith, just as you were taught, abounding in thanksgiving.

To receive this gift, you must receive Christ, in Him, rooted and established. There is nothing you can do to pay the debt. Instead you must receive the gift. By faith, in Christ we receive what God in Christ has done for us not what we must do for Him.

That is a transaction that leads to worship.