Losing slowly and exercising, especially with low weights or body weight helps a lot of people.
Some compression clothes are actually comfortable so give them a try and shop around. I have some of the sports compression shorts and tops for the gym. My husband got them for me because he had some and loved them. I thought I would hate them, but they actually feel good. Not brave enough to wear them without something looser over them at this point, though. I also have some Spanx that I wear under dresses that are thin and/or drapey. They are not too bad. So far none of what I have is like the old fashioned girdles that my mother thought anyone should be wearing if she was old enough to wear a bra. That was a stupid garment for a young teenager with no fat on them. No wonder I have such a horrible body image no matter what size I am.
I have never lost fast enough or maybe lost enough or something to have the hanging skin, but at my age, I think I probably will have hanging skin all over as I lose. Maybe I should be more habitual about having collagen in my coffee every morning. Some people swear it helps the skin.