Let the redeemed of the LORD say so, whom He has re-deemed from the hand of the enemy. (Psalm 107:2, emphasis added)
This statement of Scripture is one that concerns what the blood of Jesus does for us as believers. Let us also look at this verse in Ephesians:
In Him [Christ] we have redemption through His blood, the forgiveness of sins, according to the riches of His grace. (Ephesians 1:7)
Notice, first of all, that to receive these benefits, we have to be in Christ. We have to be true believers in Christ. When we are in Christ, the first thing that we gain is redemption through His blood.
To redeem means “to buy back,” or “to pay a ransom price.” We were formerly in the hands of the devil and we belonged to him. But Jesus paid the ransom price of His blood on the cross to buy us back.