A Debtor to Mercy Alone

I've talked about the daily devotionals from Truth for Life before, how I like them so much.(You can sign up for them here.)I thought today's email was rich, such food for thought. Here is part of the message..."And more than all, the privileges you might have enjoyed, if you had never sinned, are yours now that you are justified. All the blessings that you would have had if you had kept the law are yours, because Christ has kept it for you. All the love and acceptance that perfect obedience could have obtained belong to you, because Christ was perfectly obedient on your behalf and has imputed all His merits to your account, that you might be exceedingly rich through Him who for your sake became exceedingly poor. How great the debt of love and gratitude you owe to your Savior!

A debtor to mercy alone,
Of covenant mercy I sing;
Nor fear with Your righteousness on,
My person and offerings to bring:
The terrors of law and of God,
With me can have nothing to do;
My Savior's obedience and blood
Hide all my transgressions from view."

I found a version of the song on YouTube that I thought was good. You can hear the song here:
A Debtor to Mercy