1. A song of ascents. Out of the depths I call to You, O Lord.
2. My Lord, hearken to my voice; let Your ears be attentive to the sound of my pleas.
3. God, if You were to preserve iniquities, my Lord, who could survive?
4. But forgiveness is with You, that You may be held in awe.
5. I hope in the Lord; my soul hopes, and I long for His word.

Tehillim Ohel Yoseph Yitzchok (Kehot Publication Society)

Tehillim is recited by Jewish people collectively and individually, as the desire occurs to offer praise and thanksgiving to G-d; or alternitavely, in times of crisis and need, as a form of supplication, and even as a venue to express regret for sin.

6. My soul yearns for the Lord more than those awaiting the morning wait for the morning.
7. Israel, put your hope in the Lord, for with the Lord there is kindness; with Him there is abounding deliverance.
8. And He will redeem Israel from all its iniquities.