7 And he hath brought to pass the redemption of the world
I looked for definitions of the word "redeem." Included are some of the following:
Literally "to buy back." The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale. We have sold ourselves for things that have no eternal significance. When we repent, Jesus buys us back - he pays the price for our sins to recover us from Satan.
To liberate by payment of a ransom. This is another way to say that Jesus has the power to free us from the bondage of sin. This can happen in this life as we turn to Him. He can relieve us and release us from things like addiction.
To save, rescue
To clear, release from debt or blame
To clear (someone else) of wrongdoing, especially by standing as an equivalent.
I'm grateful beyond words for a Redeemer. I love Him.