Loose Skin and Stretch Marks after Weight Loss? Body Wraps?

I am starting to get to a point in my weight loss where my skin is feeling a little loose.  It makes me look bigger then I am, especially on my arms.  I still plan to lose a lot more weight.  Here are my stats:

23 year old Female, 5'4 1/2"

Highest: 230  Current: 187.5  Goal: somewhere between 130-140

So, obviously I have a long way to go.  However, I have loose skin and left over stretch marks that I don't need anymore!  Does anyone have any suggestions for these issues?  I have heard about body wraps helping to tighten up skin.  They say you lose inches all over from tightening up the skin (NOT actual weight loss).  Has anyone tried body wraps?

Any input, past experiences, or advise is welcome and appreciated!

Happy New Year!