The national debt is a staggering seven trillion dollars. The interest alone is costing us over a million dollars every minute! Our whole nation is enslaved by this debt. Only once in history was there ever a greater debt and it—thank God—has been paid.
This greatest of all debts was the debt of sinners who had broken divine law. Divine justice condemned them to lose not merely their earthly wealth but their very souls! Who could rescue sinners from their plight? Who could pay their debt for them?
The Greeks had a word for the price or payment it took to free someone from a huge debt or liability. That word was lytron (LOO tron). If a person were captured and forced into slavery, for instance, someone would have to pay a lytron to free him. If a person fell hopelessly into debt and sold himself to his creditors, it would take a very rich relative to pay the lytron for his deliverance. But who could pay the lytron for our sins?
Jesus announced it clearly in Mark10:45 and Matthew 20:28. He had come to pay the ransom; he would give his life as the lytron payment. One sinless Life to die the death of many sinners—this would pay the price demanded by divine justice.
So the greatest debt of all was paid—not with silver or gold or U.S. treasury notes. Jesus paid the lytron (1 Peter 1:18) with His blood.