Ephesians 1:7 In Him we have redemption through His blood, the forgiveness of sins, according to the riches of His grace
The first great act of redemption in the Old Testament is the exodus, the deliverance of the nation Israel from her bondage in Egypt. From the time of the exodus on this event epitomized redemption in Exodus 6:6. Thus, the nation Israel not only looked back in time, to see God’s redemption, but also to the future. They called upon God to redeem them: Psalm 25:22 In order for God to bring His elect people into the inheritance that He has in the future for them He, must redeem them. Redemption is an act of God by which He Himself pays as a ransom the price for sin which has outraged His holiness. It means to pay a price to free somebody from bondage.
Everybody that comes into the world is a captive, the Bible says. We are slaves. No man is free. Every person in the world is a slave in their sinful state. And to whom are they slaves? Who is the captor? Who is the captor of every man? Listen to this, John 8:34 says, "Men are slaves to sin." Romans 6:17 says, "Men are servants to sin." Romans 7:14; "Sold under sin." Romans 8:21; "In bondage to corruption." What is the captor of men? Sin.
So, sin is the captor that holds men. Now sin demands a price to be paid to release its victim. What is that price? The price or the wage of sin is death. So in order to purchase sinners from the grasp of sin there must be death. Without, says Hebrews 9:22, the shedding of blood, which is simply a term for death, without death there is no remission of sin. The soul that sinneth, the Old Testament says, it shall die. All right, the wages or the price of sin is death. But Jesus redeemed us. What does it mean? He paid the price of sin to free the slave to set him free. That's the whole point of redemption. That is exactly what He did. He paid the price to set us free.
We have been set free from the law - In Galatians chapter 5:1 it says; "For freedom Christ has set us free. Therefore stand fast and be not entangled again with the yoke of bondage."
Set free from slavery to sin Rom 6:6 knowing this, that our old man was crucified with Him, that the body of sin might be done away with, that we should no longer be slaves of sin. 7 For he who has died has been freed from sin.
Set free from the power of Satan and the world Gal 1:4 who gave Himself for our sins, that He might deliver us from this present evil age, according to the will of our God and Father
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