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Have you ever received notice that a debt you owed was canceled?  Perhaps, you were struggling with the weight of some overdue debt you could not pay only to find out someone paid the debt for you.  Now, think for a moment about the penalty that was paid for our sins, for there is a price that must be paid for the sins we have committed.  All of us have a debt that must be paid, for the wages of sin is death, but the gift of God is eternal life.  He cancelled our huge debt by His blood.  It is amazing that He who knew no sin paid the awesome price for our sins on the cross.  Now the debt has been cancelled: paid in full by His precious, precious blood.  Read this amazingly generous act of love in Colossians 2:14. 

 “He canceled the record of the charges against us and took it away by nailing it to the cross.”

Paul makes it clear that all of our past transgressions have been forgiven. The canceling of this debt has been made by way of the cross.  In fact, it was nailed to the cross.  Paul knew beyond a shadow of doubt that Christ made the supreme sacrifice as a full payment of the indebtedness which humanity had incurred through sin.  Paul uses legal terms but he also knows Christ moved far beyond the law and offered His blood so we might be redeemed.  I pray that you can sing, “Jesus paid it all, all to Him I owe”.  No one else could make this payment; no one else could pay the debt we owe but Jesus Christ Himself.  May we never ever forget who cancelled the debt and may we always be indebted to Him for sparing our lives.

Colossians 2:14 (NLT)