Every instance of scripture used with the word redemption in the bible were used in reference to a purchase as in a marketplace. The idea was that we were purchased as a slave in a market and now we have been rescued from the previous master and now we are owned by another master. This is why Paul says that we are bought with a price.
1 Corinthians 6:19 Or do you not know that your body is the temple of the Holy Spirit who is in you, whom you have from God, and you are not your own? 20 For you were bought at a price. Therefore, glorify God with your body.
1 Corinthians 7:23: “Ye were bought with a price; become not bond-servants of men.”
But if we are purchased at a price, what does it mean for you and I? When a slave is under a certain master he has to obey the instructions of that master. Their lives are committed and dedicated to the instructions of that master. The slave cannot escape the consequence of his master’s control and instruction. The slave is under the control of his master unless if another master purchases him. Jesus through his death purchased us and as we are purchased by him we are slaves to his will. Whatsoever he instructs we follow, he is the master and we are his slaves. We obey Him without complaints, we follow him and we are liberated into him. This is the beauty of his yoke, under the law we were slaves of our desire and our inclinations. We had no strength or any will, we mercilessly followed every whimsical call of our master and we were bound to it.
Redemption means that we no longer have to follow our old master but we are bound in Christ our new master. Apostle Paul constantly reminds us that his life was that of a bondservant to Jesus, and he had a deeper knowledge of what that meant. You are redeemed, you are set free, you are rescued, you are free from bondage and he paid the full price for you. You are a bondservant, you obey your master and you will not follow another master but he who purchased you.
2 Peter 2:1
Revelation 5:9; 14:3-4
I have been purchased at a high price, I am a bondservant of the Lord Jesus Christ and his Lordship is established over my life
I am liberated into his service, I follow his will and his instruction, I am under his yoke. I am the redeemed of the Lord.
I have escaped the consequence and penalty of the law, I no longer stand judged but I stand free from the law and I am released into Grace through Christ Jesus.
My past sins under the old master are forgiven and forgotten, my past life under the old master is gone. There is nothing of the devil in me, I do not owe anything and my debt has been wiped away.