Hi there alexr and welcome to the site.
I guess he's sort of the personification of trouble. There's an old Fats Domino song called
Old Man Trouble as well as a song by Stephen Stills called
Old Man Trouble. There was even a movie in 1929 called
Old Man Trouble, so it doesn't seem to be Terry's invention as such - he's just recycled the character.
Also, Otis Redding had a song called Ole Man Trouble:
Lyrics to Ole Man Trouble :
( Otis Redding )
Old man trouble, just leave me alone
Go find you someone else to pick on
I live my life in doubt, you see now
Ooh old man trouble
Please stay away from me
Oh my,
Ooh yeah,
Yeah
Oh i look like i'm down in my luck
Please send faith to help pick me up
I've lived this way so many years
Ole man trouble
Please wash away all my fears
Help me
Sometimes
Sometime i get - i get a little worried
Ole man trouble
Please, please
Stay away from me
Ole man trouble, ole man trouble
Stay away, stay away
You're nothing but trouble
Stay away, stay away
Please, stay away