buried with Him in baptism, in which you were also raised with Him through faith in the working of God, who raised Him from the dead.  (13) And you, being dead in your trespasses and the uncircumcision of your flesh, He has made alive together with Him, having forgiven you all trespasses, (14) having wiped out the handwriting of requirements that was against us, which was contrary to us.  And He has taken it out of the way, having nailed it to the cross.  

The letter to the Colossians was written by the apostle Paul to warn the faithful there against the corruption of the gospel by the Judaizers who were teaching salvation by the completed work of Christ AND the Jewish rituals and ceremonies. Paul taught that we are complete in Christ; there is no Christ AND.

The church in Colossae was mainly composed of Gentiles who had not been circumcised under the Law of Moses; they were strangers to the promise of the Old Testament. But in faith in Christ, they have spiritual circumcision – there is no advantage in real circumcision in Christ.  Paul is ascribing death (spiritual death) to the uncircumcised before Christ. But now in faith they died with Christ, and raised from the dead with Him. They are, in Christ, free from condemnation in sin and fully redeemed by Christ. In those ancient days debt obligation was put in writing and when the debt was paid, the writing was erased or blotted out. In Christ there is no more obligation, no more debt. The law of Moses was all about obligation but in Christ there is no ritual or ceremony needed and NO REMEMBRANCE of debt. Christ paid our debt for sin and nailed it to the cross.

The Colossians are warned not to pass over from faith in Christ to the Law. In Christ we are relieved of punishment due for sin and also bondage to the Law. Christ took all things to Himself that they might have no power over us. In faith, in Christ, we are saved – we cannot be MORE saved.