A harmonic balancer is an external engine part connected to the end of the crankshaft, located at the front of the engine. Its job is to reduce vibration in your engine. In a majority of vehicles, it is also used as a pulley for drive belts which power other accessories on the engine, such as the alternator, power steering and air conditioning. When an engine cylinder fires, there is force applied to the piston. The piston transfers that force onto the crankshaft and as this happens it can generate a rotate and return motion through the crankshaft. This is where the harmonic balancer comes into play.
If you don’t replace the harmonic balancer it can cause some significant damage to the engine and even lead to engine failure. It is an item you don’t want to leave unfixed for too long as the outcome can get quite expensive and definitely be inconvenient.