Cursor script hangs in a loop

I am trying to get a PL/SQL script to increment a column in a table. The following script is what I have come-up with, but it runs in a loop, and is a bear to kill. I have moved the close cursor inside and outside the loop, but still the same results. Thanks in advance for any help.

DECLARE
 JIM_COUNTER NUMBER(10) := 0;
 HOLD_REC_KEY NUMBER(10);
 CURSOR COUNT_CURSOR IS
  SELECT REC_KEY FROM TEST_COUNTER FOR UPDATE OF REC_KEY; BEGIN
 LOOP
  OPEN COUNT_CURSOR;
  FETCH COUNT_CURSOR INTO HOLD_REC_KEY;
  IF COUNT_CURSOR%FOUND THEN
   JIM_COUNTER := JIM_COUNTER + 1;
   UPDATE TEST_COUNTER SET REC_KEY = JIM_COUNTER;   ELSE
   EXIT;
  END IF;
  CLOSE COUNT_CURSOR;
 END LOOP;
COMMIT;
END; Received on Wed Mar 04 1998 - 00:00:00 CST