The tool is in the form of a clip shaped of a single bent length of sheet spring material having a first leg of flat shape joined by a U-section to a second leg. The free end of the second leg is bent as a right angle flange with the end of the flange bearing against the first leg to serve as a clamp jaw against a fishing line held between the flange and the first leg. The mid-section of the second leg between the jaw and the U-section is formed as a V-section with the tip of the V-section resting on the first leg and serving as a fulcrum. Squeezing pressure on the section of the second leg between the U-section and the V-section applied towards the first leg causes the flange to move away from the first leg to free a line clamped between the first leg and the flange.