We have broken the law of God. Offending the law of God in only one point is to be guilty of the whole law. "For whoever shall keep the whole law, and yet stumble in one point, he is guilty of all" (James 2:10). To make a bad matter even worse, there is no way we can pay back our debt to God. Even if we lived for centuries, we could never repay our debt.
There is good news for all who have broken God's law. Your debt is paid in full. Someone paid your debt. Grace, and grace alone, paid your debt in full. Grace comes to you as unmerited favor. There is absolutely nothing you could have done to repay the debt. Grace offers freely to pay not in part, but the whole debt.
Grace is revealed to you in Jesus Christ. He alone is the fullness of God's grace. "And of His fullness we have all received, and grace for grace" (John 1:16). Your debt to God's law demands punishment. Grace paid in full at the cross of Jesus. He canceled the debt against you. His suffering was punishment in your place.
Faith receives the debt paid in full. Grace is given through faith alone. Faith says yes to grace. Faith testifies, "Grace alone has paid my debt in full." Faith receives the grace of God in Christ. Faith gives you full assurance that your debt is paid. "For by grace you have been saved through faith, and that not of yourselves; it is the gift of God" (Ephesians 2:8).
