By signing this, a debtor voluntarily admits to owing a specific amount of money and authorizes the creditor to obtain a court judgment against them without a trial if they fail to pay.
This bypasses the long and expensive process of a lawsuit. It acts as a form of security for the creditor. However, because it waives significant due process rights, courts scrutinize these affidavits closely to ensure the debtor understood what they were signing and wasn't coerced. It effectively says, "I admit I owe this, and if I don't pay, you can instantly get a judgment against me."