Session 1

Your debt is paid in full

From NewSpring at Home: A Study on Colossians

Scripture

“He forgave us all our sins, having canceled the charge of our legal indebtedness, which stood against us and condemned us; he has taken it away, nailing it to the cross.” – Colossians 2:13-14 (NIV)

Observation

Financial debt can feel challenging, and even overwhelming. However, spiritual debt is much more dangerous, because its impact is eternal. 

All of us have a spiritual debt we cannot pay, but the Bible tells us God has paid our debt! He canceled the payment due for our sins and instead accepted the payment His Son Jesus provided when He died on the cross (Colossians 2:14). God grants this freedom to all who choose to follow Jesus (Colossians 2:13).

Jesus once encountered a woman who recognized the depth of her sin (Luke 7:36-50). Her love toward Jesus overflowed into service because she was so grateful to experience forgiveness. 

She received forgiveness for her spiritual debt, and it changed her life forever. Likewise, accepting God’s payment for our spiritual debt means our obligation is paid in full, enabling us to live as his free children.

Application

The chorus to the song “Jesus Paid It All” proclaims, “Jesus paid it all, all to Him I owe; sin had left a crimson stain, He washed it white as snow.” 

• How should knowing Jesus has paid your spiritual debt change the way you live? 
• Who needs to hear about how you became spiritually debt-free? 

Prayer

Jesus, thank you for canceling my spiritual debt through the cross—a debt I could never pay. Help me to show my gratitude by living in the wonder of my freedom in you!