How To Remove Hanging Skin Under The Arm Pit?

i have hanging skin under my armpits. I do not know if they are moles. It looks like when a newborn baby have an extra finger on hand or toe. where the skin hangs uner my arm, causes my skin to hurt by the way i lay down or where clothing. what can i do? most doctors tie a string around the baby's extra finger until it falls of. i was wondering if that would work for me. i just don't want to bleed to death.