Text contained in a text field is treated as a single drawing object. You can easily separate the text so that each character becomes an individual drawing object that you can select and modify independently.
In the Tools toolbar, click the Select tool or press Alt + S.
In the Stage View, select the text object you want to break.
Right-click the text and select Convert > Break ApartText Layers.
Each character is now surrounded by its own bounding box that you can modify, they remain text objects that you can edit.
If you want to convert your independent letter to a complete vector object that you can deform, using the Select tool, select the letters to convert.
Right-click the text and select Convert > Break ApartText Layers to break the selection into a regular drawing object, with no more text attributes.
NOTE After your text has been broken apart twice, into a regular drawing object, you can use all the drawing tools such as the Eraser tool, on the drawing. Be aware that if you want to use the Perspective tool on the text, you should create the text on a vector layer before breaking it apart twice; then you can use the Perspective tool on it.