That is, no one died for my sins, covering them with his scarlet blood so that when I stand before the eternal judge, he may see that my debts have already been paid.
There is no eternal judge. And there are no debts to be paid later. All of my transgressions will probably come back to bite me in the ass before I die.
So I really only have two options:
1. Live in fear of the repercussions of my wrongful words or deeds.
2. Live a very aware existence, thinking before I speak or act and being sure to do what is the most right at all times.
Obviously, the second option would lead to far more happiness in the long run. Hell, even in the short run. We all know that as soon as we tell even the smallest white lie, we begin to worry that we will be found out.
I think I have just presented an oddly selfish argument for doing things which society deems to be good and moral: To not be caught.
If we, at all times, are careful and mindful of our interactions with others and try with great consciousness to do the good and avoid the bad, we will be set free from the anxiety of punishment.