“At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD’s release.” Deuteronomy 15:1-2 NKJV
In the Old Covenant every seven years there was a release of debts. Whatever they owed or whoever owed them was released. The debt was no longer required. They were released from it.
Under the New Covenant of grace through the power of Jesus’ cross, every year and in fact every day we are released from debts. What kind of debts? First and foremost we are released from our sin-debts.
“In Him we have redemption through His blood, the forgiveness of sins, according to the riches of His grace”. Ephesians 1:7 NKJV
We have no ability to pay our sin-debts on our own. Without Christ we are spiritually bankrupt. The good news of the gospel is Jesus paid our sin-debts on the cross. The Bible says He bore our sins in His own body…1 Peter 2:24 He bore the judgement and punishment for us. He paid our sin-debt with His blood and so released us from sin’s grip of bondages and burdens.
Jesus also released us from financial debts. In 2 Kings 6:1-7 we see that an iron axe head that was borrowed was lost in the Jordan river. When Elisha the prophet threw a stick (a type of the cross of Christ) in the place were it fell, the axe head floated and was recovered. This teaches us that if we will apply the power of the cross to our financial debts, they can be supernaturally eliminated.
Finally Jesus has released us from our sickness debts. “When evening had come, they brought to Him many who were demon-possessed. And He cast out the spirits with a word, and healed all who were sick, that it might be fulfilled which was spoken by Isaiah the prophet, saying: “He Himself took our infirmities and bore our sicknesses.””
Matthew 8:16-17 NKJV
Notice Jesus took OUR infirmities and bore OUR sickness. When did He bare them? On the cross. What He bore we need not bare. What He took we need not take.
Because of the cross and shed blood of Jesus, we are released from our sin, financial, and sickness debts. Believe and receive by grace through faith all that He has done for you. Simply say, “what Jesus bore I need not bare, I believe all my sin-debts, financial debts, and sickness debts are forgiven and released.”