The Catechism in Questions & Answers

652. What are the effects of the forgiveness of sins?

Forgiveness of sins cleanses us of sin and cancels out the guilt that exists with respect to God.
The believers whose sins have been forgiven are assured of the peace of Jesus Christ with the words: “The peace of the Risen One abide with you!” If this peace is absorbed believingly in the heart, all fear of the consequences of sin will retreat.
Irrespective of the forgiveness of sins, a person remains accountable for the consequences and responsibilities that have come about through his sinful conduct, whether they are of a material or legal nature.