It seems that every person has a credit card these days and, there is a perception that many are unable to pay the bill when it shows up every month. Credit card debt is a growing concern for consumers across the country, so much so that according to a new report, late payments have hit a 20 year low.

The study, which was conducted by credit reporting agency TransUnion, found that the rate of credit card payments at least 90 days overdue fell in the second quarter to 0.57 percent, the lowest since 1994. Since records started being kept in 1992, the average is 1.03 percent.

According to the Federal Reserve, Americans' credit card debt dropped $2.7 billion in June and remains 16.5 percent below its July 2008 high point.

"The data supports that consumers will continue to prioritize their credit card relationships over other credit obligations, and delinquencies should remain low into the near future," Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit, told the Associated Press.

The average credit card debt per borrower dropped to $4,965 in the second quarter from $4,971 the year before. This drop comes after the first quarter saw an increase in debt to $4,875. That could be attributed to the growing aftereffects of the holiday shopping season.

What this means is that more consumers are being safe and smart with their plastic. Merchants should follow suit and make sure they have a quality credit card processing software solution in place to keep customer information secure.