What does redemption mean in a Christian context?

In Christian theology, redemption encapsulates the idea of being liberated from the debt of sin through the sacrificial act of Jesus Christ. According to Scripture, every sin incurs a debt to divine justice, which ultimately leads to death. However, as indicated in 1 Peter 1:18-19, believers have been redeemed 'with the precious blood of Christ.' This signifies that Christ not only paid the debt we owed but released us from the condemnation of sin. The concept of redemption is comprehensive, covering past, present, and future aspects of salvation. It highlights the Reformed belief that our redemption was accomplished solely by Christ's act, independent of any human merit or contribution.