Frigidaire, loud squeeling, burning smell

Hello everyone,

My dryer is making a really loud squeeling noise and just today something was burning. Smelled like rubber, like the belt was burning up. Does anyone have any idea what this could be? I did some searching around on here and it seems like the noise is coming from the rear bearing possibly. Could this going bad make the belt also burn up? Thanks for your help in advance!

Deano