As someone who quickly rips off band-aids, I prefer getting bad news over with, especially on the receiving end.
Perplexingly, I find it easy to procrastinate sharing bad news - big and small. I'm often tempted to wait for the "right" moment. But, the benefits of waiting rarely outweigh providing people with the information they need to make plans.
For example, in the moment, it can feel less awkward to say, "Let me check my schedule," when you know that you can't attend an event. While the intention of not making someone feel rejected is good, on balance this will likely be more frustrating for the host who is trying to finalize logistics. The same principle holds for more consequential discussions as well.
I prefer hearing bad news to feeling unsettled due to a lack of resolution. Be proactive about sharing bad news.