1:7
We then get some of the fruits of that grace. We have redeemed through the blood of Christ. We were captives to sin, but He has redeemed us. We were guilty and deserving of judgement, but through His blood we have been forgiven. All of this is in accordance with the “riches of God’s grace”.
1:8
And this grace has been lavished on us. God has not just given us a little bit of grace, He has lavished His grace upon us, He has poured it out in abundance upon us. And this was done with “all wisdom and understanding”. God knew exactly what He was doing. He knows exactly what you and I are like, He knows the depths of sin within us, and the effects it has had on us. God knows how to save us.
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