Energy considerations are often a good way into solving problems and explaining things.
Here's something to think about. You are thinking that, perhaps, speed should increase. If the speed increased then so would the Kinetic Energy. That would involve the need for Energy to be put into the system. (in the absence of friction, circular motion will carry on forever) The only way that energy to be put in would be in the form of Work, which is Force times the distance moved along the line of action of the force. The Force would be the centripetal force and the distance (when moving in a circle) would be Zero (radius doesn't change). So no work is done and, hence, the Kinetic Energy (and consequently the speed) can't be increasing.