Pastor David Valesky does a pretty good job of it: (on Romans 3:24) The word translated "redemption" comes from a Greek verb that has the idea of "to let one go free on receiving the price." The noun means, "a releasing effected by payment of ransom." In Christ "we have redemption, the forgiveness of sins." (Colossians 1:14) The releasing effected by the payment of a ransom is the releasing, the being set free, from sin.
From his book, "We Believe - Therefore We Speak"
