Well it's either a very old belt that is about at the end of it's life... or if it's a relatively young belt, the belt was either defective or installed wrong...
The first replacement timing belt on my Si was poorly installed or defective. Literally it was done one day, and the next I was on a 1100 mile road trip to Atlanta. I was getting poor gas mileage (ran out of gas once where I shouldn't have) and there was a slight knocking during acceleration. I called the mechanic from the road and he suggested it was due to buying cheap gas. So I get home with 2300 miles on my new belt... and insisted that the dealership check my new timing belt. They didn't want to, but I prevailed. And so it turned out that my belt was nearly shredded... they almost owed me an engine rebuild. As it was, several hours later, I left with a replaced timing belt for free. I didn't push to find out if it was a bad install or just a defective belt. As long as my car was happy and I didn't have to pay for it, that was good enough with me. So that is my experience with a bad timing belt. Otherwise, I never forget to change them on schedule or earlier.