Yes, I think they should do it sooner so that people can get used to it. I think people would hate to be blindsided by Internet rates going up later so why not just do it now. I think they can help the process along by announcing all of the steps they plan to take.
No, the Federal Reserve should not raise interest rates sooner rather than later, because I like my low-interest loans. I'm thinking of buying a bigger house, and I would like to do that while interest rates are low. Low interest rates are good for the consumer. The Federal Reserve shouldn't be in such a hurry to manipulate the economy.
The Federal Reserve needs to step to the side lines and let the market naturally normalize for a few more years. People are more willing to get a home or auto loan when interest rates are low. If the Reserve raises rates, in an attempt to return it to what it thinks is the norm, the economy will suffer as fewer people apply for loans.
The Federal Reserve needs to step back and take a hard look at the economy and how rates affect it. Raising interest rates will send home prices farther into the gutter making it impossible to boost the economy. I shake my head wondering how they haven't figured this out already.