This I recall to my mind, therefore have I hope.  It is of the Lord’s mercies that we are not consumed, because his compassions fail not.  They are new every morning: great is thy faithfulness.
Jeremiah says that the reason he always has hope is because God’s mercies are new every morning.
Many believers tend to lump grace and mercy into the same category. They are related, but they are not the same.
Grace– favor, when you receive something from God that you did nothing to deserve.
Mercy– is when you don’t receive what you did deserve. We are all born with a sinful nature. Though we deserve punishment, God shows us mercy. He gave His Son Jesus in our place so that He could show us everlasting mercy.
 Have mercy upon me, O God, according to thy lovingkindness: according unto the multitude of thy tender mercies blot out my transgressions.  Wash me throughly from mine iniquity, and cleanse me from my sin.  For I acknowledge my transgressions: and my sin is ever before me.  Against thee, thee only, have I sinned, and done this evil in thy sight: that thou mightest be justified when thou speakest, and be clear when thou judgest.  Behold, I was shapen in iniquity; and in sin did my mother conceive me.  Behold, thou desirest truth in the inward parts: and in the hidden part thou shalt make me to know wisdom.  Purge me with hyssop, and I shall be clean: wash me, and I shall be whiter than snow.  Make me to hear joy and gladness; that the bones which thou hast broken may rejoice.  Hide thy face from my sins, and blot out all mine iniquities.  Create in me a clean heart, O God; and renew a right spirit within me.  Cast me not away from thy presence; and take not thy holy spirit from me.  Restore unto me the joy of thy salvation; and uphold me with thy free spirit.  Then will I teach transgressors thy ways; and sinners shall be converted unto thee.
Iniquity is sin that you’ve become calloused to. You no longer feel any conviction about it. Iniquity can only be purged by mercy and truth.Without God’s mercy, we would never believe we are worthy to live a better life. The voice of guilt and condemnation will try and keep us in the bondage of sin. But Mercy sets us free. His truth, His word, is how we are transformed.
Proverbs 16:6…by mercy and truth iniquity is purged
Genesis 19:19- Where we find the first mention of mercy.
 Jesus answered them, Verily, verily, I say unto you, Whosoever committeth sin is the servant of sin.
Sin will take you further than you wanted to go, keep you longer than you wanted to stay and cost you more than you wanted to pay.
 And the servant abideth not in the house for ever: but the Son abideth ever.  If the Son therefore shall make you free, ye shall be free indeed.
 But God be thanked, that ye were the servants of sin, but ye have obeyed from the heart that form of doctrine which was delivered you.  Being then made free from sin, ye became the servants of righteousness.  I speak after the manner of men because of the infirmity of your flesh: for as ye have yielded your members servants to uncleanness and to iniquity unto iniquity; even so now yield your members servants to righteousness unto holiness.  For when ye were the servants of sin, ye were free from righteousness.  What fruit had ye then in those things whereof ye are now ashamed? for the end of those things is death.  But now being made free from sin, and become servants to God, ye have your fruit unto holiness, and the end everlasting life.  For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
 I acknowledged my sin unto thee, and mine iniquity have I not hid. I said, I will confess my transgressions unto the Lord ; and thou forgavest the iniquity of my sin. Selah.