1. By David. I will thank You with all my heart, in the presence of princes I shall praise You.
2. I will bow toward Your Holy Sanctuary, and praise Your Name for Your kindness and for Your truth; for You have exalted Your word above all Your Names.
3. On the day that I called out You answered me, You emboldened me, [You put] strength in my soul.
4. Lord, all the kings of the land will give thanks to You when they hear the words of Your mouth.
5. And they will sing of the Lord's ways, for the glory of the Lord is great.

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. For though the Lord is exalted, He sees the lowly; the High One castigates from afar.
7. If I walk in the midst of distress, keep me alive; against the wrath of my enemies stretch out Your hand, and let Your right hand deliver me.
8. Lord, complete [Your kindness] on my behalf. Lord, Your kindness is forever, do not forsake the work of Your hands.