A hair holding device including hingedly connected first and second body members each including hair gripping portions adapted to be squeezed by a user whereby the hair gripping portions come into contact with gathered strands of a user's hair. The device further includes a friction-type adjustment mechanism coaxially arranged with respect to the hinge for causing the hair gripping portions to remain at a point at which the hair gripping portions are squeezed together by a user. Optionally, the device may include squeezable release handles or other release mechanism, as well as a torsion spring for biasing the hair gripping portions into either an open or a closed position.