Basically it is badly adjusted, damaging things until it fails outright in some manner.
That may happen today, or it might grind on for a decade. munching at the ball bearings and the cups and cones.
* If it's already spalling, replacement is the best option.
* If you catch it soon enough, a clean / grease / refit might be all it needs.
Do you intend to throw away the bike when it breaks? Consider a bike-cooperative to supply the tools for a one-time tweak, or just buy the tools. You own the bike and will doubtless use them again.
**Bikes can last forever if not crashed, and are properly maintained**
and my favourite line
**Bikes are not cellphones**