I've been using a 5' chain for the past few months. Its uncomfortable at first but I quickly got used to it.
Connect a carabiner to each end of a chain, wrap one end around your waist and connect the carabiner mid-chain (think belt), position the excess chain infront of you then pull the second unused carabiner up and clip it it on.
This 2nd loop will be used to hold the weight, keep it small/narrow for use of dumbbells, or unclip the 2nd carabiner and reconnect it farther down the belt(portion of chain around your waist) for plates.
Picked all the stuff up a home depot for 10 bucks, the chain im using holds up too 500lbs, the carabiner 300, plenty of room. Don't have to worry about it breaking. Again, you get used to it, the most i've put on it was 135 w/out issue.