This passage only makes sense if you read it as the exemplary form of Middle East and Jewish idiom that it is.
The intent of the passage is, like Proverbs 17:18 and 22:26, to issue a dire warning against careless countersigning for debts, whether for friends or for strangers.
The "son" of verse 1 is a figurative form of address that the voice of wisdom uses with her listeners, us, to express endearment and concern for our welfare, rather than an expression of parental relation.
In verse 3, the voice of wisdom appears to counsel something that is clearly debasing and futile, to go and humiliate yourself in front the the creditor. Those who are familiar with the Middle East know just how much respect this behavior buys. So the intent of the verse is not to actually give advice, it is to say "You can go jump in the lake", because even debasing yourself wont save you, and this is the reason that you should never allow yourself to get into this situation.
Verse 4 says, "Don't give sleep to your eyes, drowsiness to your brows". This isn't actually advice. It is saying, "Don't even think about getting any sleep, because you wont, from worrying about the debt".
Verse 5 is the ultimate metaphor of futility - you are as helpless as a bird or deer in the hunter's trap.
So, by giving three graded expressions of mock advice, the author expresses the hopelessness of the situation and therefore the importance of avoiding getting into it in the first place, whatever the expected profit you might forgo.