The top three reasons Canadians use to explain missed bill payments include forgetting to pay the bill on time, missing the due date, or misplacing the bill. If you have ever used one of these excuses, you are not alone.

A large percentage of Canadians may be overlooking the consequences to missing a bill payment. According to the TD Canada Trust Everyday Banking Poll a shocking 43% of respondents think that there are no consequences to missing a bill payment –other than having to pay the overdue amount on their next bill payment.

"If you routinely miss your bill payments each month, it can impact your credit rating," says Carrie Russell, Senior Vice President, TD Canada Trust. "Missing payments by more than 30 days could influence your likelihood to secure a future loan or a credit card because credit-granting companies look at past performance on bill payments as an indicator of future behaviour. It is essential to pay your bills on time. Why jeopardize your ability to access credit in the future?"

"Paying interest and late charges on missed bills, even a few times a year, is like throwing money away," says Russell. "One of the easiest ways to save money and protect your credit score, is to pay bills on time and online. Make sure you have the right everyday bank account - it should include features and services that help make it easy for you to pay your bills on time, keep your payments organized and avoid interest and late charges. If not, you should consider making a change."

54% of Canadians report missing bill payments, however 74% those who miss bill payments stated that they only do so one to three times per year.

Here are 5 tips to avoid late bill payments:

1) Have your bills sent to you electronically. It can be easier to keep track of than stacks of paper, and it’s more environmentally friendly!

2) Set-up pre-authorized withdrawals from your bank account for utilities and regular bills.

3) Set-up an automatic transfer to pay off your credit cards monthly minimum or total balance each month so that you can be sure to never miss a payment.

4) Start paying your bills online, over the phone, or at an ABM. This avoids the hassle of finding envelopes, stamps and cheques and can save you over $50 a year.

5) Post-date your online payments for a couple of days before the bill is due to allow time for processing.