He is my Lord, Who has redeemed me

The Second Article of the Creed from THE SMALL CATECHISM is a fitting meditation for Ash Wednesday:

THE SECOND ARTICLE

I believe in Jesus Christ, His only Son our Lord, Who was conceived by the Holy Spirit; born of the Virgin Mary; suffered under Pontius Pilate; was crucified, died, and was buried; He descended into hell; the third day He rose again from the dead; He ascended into heaven, and is seated at the right hand of God the Father almighty; from there He shall come to judge the living and the dead.

What does this mean?

I believe that Jesus Christ is true God, begotten of the Father from eternity, and also true man, born of the Virgin Mary; and that He is my Lord, Who has redeemed me, a lost and condemned creature, purchased and won me from all sins, from death and from the power of the devil; not with gold or silver, but with His holy, precious blood, and with His innocent suffering and death; in order that I might be His own, live under Him in His kingdom, and serve Him in everlasting righteousness, innocence and blessedness; even as He is risen from the dead, lives and reigns to all eternity. This is most certainly true.