I have a General Electric washer (model# WWA5600GALAD) that squeals
very loudly during the spin cycle and last night during a wash produced
a faint burning rubber smell. I don't know if this is the first time it
has produced the smell or if I had just not noticed it before but I
looked into it online and these things seemed consistent w/ a loose
belt. So I took off the back panel and found the belt, and it will spin
the washer, but it is obvious that there isn't enough friction for the
pulley to be spun at the same speed as the belt and when I let go of
the belt after moving it, I can see the belt move back a bit instead of
staying where I left it. From what I've read this seems to be a loose
belt, but this is my first attempt to try to fix a major home appliance
so I dunno, it may very well be something else.

What do y'all think? If it is the belt, then is it crucial that I
replace it? Besides the annoying noise and smell is there any problems
that will likely emerge from having a loose belt? If so, is the
installation of the belt complicated enough to warrant hiring a
repairman or can a non-professional do it?

Thanks for your help.