I get them quite often and have to say I never squeeze them. Some sorted on their own, some have shifted with antibiotics and the last one I suffered with for 2 months before it was surgically removed after two rounds of antibiotics including their "domestos" version wouldn't shift it and they were worried about the infection spreading into my blood stream and making me really ill.
I'd be worried about spreading the infection by squeezing.
I'd definitely go with back to your GP if it's red, warm and growing, if anyone is going to try and drain or remove it I'd rather it done under sterile conditions to minimise any risk of the infection spreading.
I had mine removed by a very nice surgeon under a general up the hospital (my GP surgery doesn't deal with that kind of thing) and it was so quick and painless once the numbing had been done and a very neat little scar.
If you do have it removed, it is likely to need packing and draining and redressing by a professional at least every other day until the packing is no longer needed. It's worth asking about aftercare services as I ran into problems with it as my GP surgery doesn't deal with that kind of thing either and was quite a trying time trying to find out where I could go to see a nurse at such short notice and then they told me I should have had a prescription to get dressings and packing to bring with me. Worth bearing in mind if you do need that doing.