"For the wages of sin is death." This means, someone must pay when they disobey, dishonor, and offend God. This is bad news for us, because we have all disobeyed, dishonored, and offended God by breaking His commandments, if not in overt action, in thought.
But the verse continues. "But the gift of God is eternal life through Jesus Christ our Lord." In every area we have disobeyed, dishonored, and offended God, Jesus obeyed, honored, and pleased His Father in our place. He suffered torture and separation from God, taking upon Himself the punishment for all our sins, and paid in full the wages owed. Then He died, and rose again the third day, according to the Scriptures.
Today, ask yourself, who will pay for your sin? You, being separated from God forever, in the torments of hell? ...Or have the wages been paid in full, by Jesus?