Our new position in Christ does not just include the removal of debits (forgiveness, Acts 10:43, Rom 4:7, Eph 1:7, Col 1:14, 1 Jn 1:9), but also the addition of credits (the righteousness of Christ, Rom 1:7, 3:22, 4:3-5, 5:17-19, 2 Cor 5:21). Both are required for a relationship with God, both are fully provided for in Christ’s death, and both are applied to us through faith in Him.
Also, both have implications for our walk. Ephesians 4:22-24 illustrates how. Believers are to lay aside their old selves or natures– i.e., the flesh. This corresponds with the forgiveness we have received (Eph1:7), that our debits have been erased, and we are positionally no longer in bondage to sin. Consequently, we should put the old things aside and no longer do the deeds of the flesh. Believers are also to put on the new self, which has been created in righteousness and holiness of the truth. We have been given His righteousness as a positional reality, and Paul reminds believers to walk in a manner worthy of our calling – to ensure that our practice is mirroring our position.