This verse is a call to give thanks to the Lord for His goodness, for His lovingkindness, and for His works of redemption. It is a reminder to all that the Lord is gracious and merciful, and that He is always ready to rescue and deliver those who call upon Him. The psalmist invites all who have been redeemed to declare the Lord's goodness and to give thanks to Him for His salvation.
In this exquisite psalm of praise, the people of Israel acknowledged that the goodness of God is not contingent on their own merit, but rather on His unwavering faithfulness, eternal grace, and boundless loving-kindness. They comprehended that the Lord is attentive to every cry of their hearts and that He alone responds to their petitions, delivering them from afflictions and adversities. 
This psalm is not merely a historical song of gratitude from Israel. Rather, it is also a song of adoration for the present, a song of thankfulness that the Church age can resound with the same fervor and gratitude. The psalm not only erupts into a jubilant song of thanksgiving, but also ends with the declaration that those who are wise will discern that God's unchanging love towards Israel is the same unswerving love that endures today, tomorrow, and forevermore.

Dear Heavenly Father,  I give You thanks and praise for Your steadfast love that endures forever. I acknowledge that Your goodness is not dependent on me but on Your everlasting faithfulness and loving kindness. I pray that You hear the cries of my heart and respond to my pleas, as You have done for Your people throughout history. Thank You for bringing me through my troubles and trials, and for showing me Your unfailing love. I bless Your holy name, now and forevermore. 
In Jesus's name I pray. Amen.