Introduction to Colossians: Authorship, Date, Audience - Crain Home

Interpretation 3
emancipate the slaves (however, see Philemon). Rather, his
instruction is for the master to provide slaves with what is
right and fair-- something any virtuous person would do
(compare 3:12). Although other codes in the ancient world
also encouraged the humane treatment of slaves (see O'Brien
1982:232), the issue for Paul is where one finds the moral
competency to do what the code outlines. The requisite virtue
to do what is right and fair belongs to the "new creatures"
found in Christ.
However, Paul's teaching also presses the christological
incentive behind such behavior: you know that you also have
a Master in heaven-- mind the "things above"! The
relationship between earthly masters and the heavenly Master
provides the moral impetus for just treatment of household
workers. Further, if the phrase "Master in heaven" alludes to
3:1-4, as most commentators suppose, then it conveys an
eschatological meaning as well. According to the Jewish
moral tradition, inhumane treatment of slaves would bring
down the Lord Almighty's wrath on Judgment Day (compare
Jas 5:1-5). According to Paul's teaching, a relationship with
Christ transforms all earthly relationships, including those
between masters and slaves. So the Christian master,
transformed by God's grace, will naturally treat slaves fairly
and will therefore "appear with [Christ] in glory" (3:4).
http://bible.gospelcom.net/cgi-bin/webcommentary
Nave's Topical Bible introduces into Paul's admonition for Christians to set
their affections on things above and not on earth a list of possible competing
affections:
Affections
(Bible links not active)
Should be supremely set upon God
Deuteronomy 6:5; Mark 12:30
● Should be set upon the commandments of God
Psalms 19:8-10; 119:20,97,103,167
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