The delinquency rate on credit card accounts dropped during the second quarter of 2012 to one of its lowest levels since 1994.According to a TransUnion study released today, the delinquency rate–the percentage of credit card borrowers at least 90 days past due on their accounts–dropped to 0.63 percent in the second quarter from 0.73 percent in the first quarter.

The delinquency rate is at its lowest level since the second quarter of last year when it was 0.60 percent. Besides that quarter, the last time the delinquency rate was below its current level was 1994.

“The national credit card delinquency rate continues to remain at the lowest levels we’ve observed in 18 years,” said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit, in a statement. “These low delinquency rates reflect both continued conservatism in lender underwriting and the ongoing prioritization of card payments among consumers.”

The low delinquency rate is especially impressive given the fact that consumers increased their overall credit card debt during this second quarter.

The average credit card debt per borrower rose 5.7 percent in the past year, from $4,699 in the second quarter of 2011 to $4,971 during 2012’s second quarter.

This average is well below the $5,719 that consumers carried during the second quarter of 2009.Consumers need to be cautious. We can’t let our credit card debt continue to increase or we will eventually see a rise in the default and delinquency rates. It is critical for consumers to pay off as much of their credit card balance as possible on time each month.