“For their sake he remembered his covenant, and relented according to the abundance of his steadfast love.” (ESV – Read the chapter)
God doesn’t have mercy on us for His sake. He doesn’t extend to us His steadfast love because it does something for Him. He does it for us. He does it because His love naturally moves outward and we are the only creatures in the world made in His image. He does not deal with us according to our deeds, but quickly offers mercy when we cry out to Him for our sake. He doesn’t want to see us destroyed. He wants to see us live abundantly and flourish.
And just as a side note here, think for a minute what has come before now in Psalm 106. It has described all the ways the people of Israel turned away from Him and rebelled against Him and rejected Him in spite of all He had done for them. And yet here it talks about the fact that as soon as they turned back to Him, He was ready to receive them back. This is no god who delights in judgment and punishing the wicked. This is a God who delights in mercy and showing compassion to the repentant. He is much more interested in forgiveness than retribution. This and we’re only halfway through the Old Testament.
If you serve the God of the Bible, you serve a God who is overflowing in mercy and compassion. He is full to the brim with faithful love and grace. He will punish the wicked and bring justice to the unrighteous, but not before offering them chance after chance after chance to get their act together. And for those who show even the slightest movement in His direction, He is ready to run to receive them, to scoop them up, and to call them His children once again. If you aren’t serving this God, you’re missing out on all of this for there is no other god like Him.