Psa 111-118 are called hallelujah psalms. Hallelujah means "praise the LORD" and expresses the uplifting and optimistic tone of these songs.
Psalms 111:9
The ransom here pictures the rescue by God of the Israelites from Egypt and the future return from captivity in Babylon (see Deu 7:8; Jer 31:11). Ransom means "to free from captivity by paying a price." All people were being held in slavery by sin until Jesus paid the price to free us; giving his life as a perfect sacrifice. Before Jesus offered himself as a sacrifice for sin, people were not permitted into God's presence (the Most Holy Place); now, all believers can freely approach God's throne through prayer and have God in their lives through the Holy Spirit.
Psalms 111:10
The only way to become truly wise is to fear (revere) God. This same thought is expressed in Pro 1:7-9. Too often people want to skip this step, thinking they can become wise by life experience and academic knowledge alone. But if we do not acknowledge God as the source of wisdom, then our foundation for making wise decisions is shaky and we are prone to mistakes and foolish choices.
