I just set the trimmer guard on 1 and clip it. If it's summer, I'd actually shave it. I used Nair once; worked okay, but more of a pain than it was worth in my opinion. Shaving reigns supreme in that category. You could look at laser removal, but I like the ability to grow my chest hair out if I want to.
I'll probably do laser removal on my upper arms at some point, because I get long black hairs on them that look horrible, so I keep them shaved regularly.
My father was a wookie and my mother was Cousin It. Look at what they have produced.