Debt Perception Frequently Asked Questions

  1. How can I provide feedback about my experience using the Debt Perception app?

    We’d love to hear your feedback. Follow this link to take a short survey.

  2. Will Debt Perception make payments to my credit card or loan accounts for me?

    No, the app does not have the ability to facilitate transactions for you. The debt repayment plan provided in the app is for informational purposes only. You will need to handle payments to your credit card or loan accounts outside of Debt Perception.

  3. How is the debt repayment plan calculated?

    The debt repayment plan follows a payoff method called “debt snowball.” The smallest debt balance is allocated the largest share of the repayment budget until that debt is paid off. Higher debt balances are allocated an amount equal to the minimum payment due.

  4. Does my debt repayment plan refresh automatically?

    Each time you open the Debt Perception app your account balances will automatically refresh. To change your plan budget, tap the three dots in the upper right of the “Plan” screen and tap “My Debt Repayment Budget.”

  5. For credit card accounts, is the recommended payment amount in my debt repayment plan an additional payment I should make?

    Yes. The debt repayment plan assumes you will also make a credit card payment every billing cycle to pay down any new purchases made in that period. The debt repayment plan recommended payment amount is intended to be an additional payment you can make to decrease a revolving credit card balance.

  6. How is my income calculated?

    The monthly income amount used in your debt repayment plan calculation is an estimation based on deposits made in your connected checking and savings accounts over the past three months. Note that any sources of income that are not connected to the app will not be factored into your debt repayment plan.

  7. How are my expenses calculated?

    The monthly expense amount used in your plan calculation is an estimation based on expenses made in your connected checking and credit card accounts over the past three months. Note that any expenses made in accounts that are not connected to the app will not be factored into your debt repayment plan.

  8. Why am I asked to adjust my estimated monthly income and spending amounts?

    In order to create a debt repayment plan, your estimated monthly income must be greater than your estimated monthly spending. Note that if your monthly income is not actually greater than your monthly spending, this will pose problems for your debt repayment and Debt Perception will not be able to create a debt repayment plan for you.

  9. Why am I asked to enter APR/interest rate or minimum payment for my connected debt account?

    We ask for this if our service was not able to retrieve this information from your financial institution. In order to generate a debt repayment plan, we need to know what the APR/interest rate and minimum payment amounts are for each connected debt account.

  10. Why can’t I find my financial institution?

    You can search for your financial institution by typing its name in the search bar. If your financial institution is not found, it is because our service does not support a connection to that financial institution.

  11. How do I disconnect a connected account or financial institution?

    Note that accounts can be removed by removing the connection to your financial institution. This means that all accounts associated with that financial institution will be removed from Debt Perception. Follow these steps:

    1. Open the Debt Perception app and navigate to the “Plan” screen.
    2. In the upper right section tap the three dots. In the menu that opens up, tap “My Accounts.” 

      1. On iOS devices: swipe left on the account you wish to remove to reveal the “Remove” button. Tap “Remove.”
      2. On Android: next to the account you wish to remove tap the three dots to reveal the “Remove” link. Tap “Remove.”

    After removing accounts, you may be prompted to add additional accounts if your remaining connected accounts do not include at least one checking or savings account and one credit card or loan account. If the remaining accounts do include at least one checking or savings account and one credit card or loan account, your debt repayment plan will refresh and you may be prompted to select a new budget.

  12. How can I close my account?

    Send an email requesting account closure to debt-perception-feedback@projectlittle.co.

  13. Who can I contact to get help?

    If you aren’t able to find an answer to your question in the FAQs, you can contact us at debt-perception-feedback@projectlittle.co.