A hand-held image stabilization and balancing system for cameras includes a main body part having a C-shaped member, a handle gimbaled to the main body part and releasably lockable in a fixed position, a camera mounting platform pivotably mounted to the main body part by a tilting joint, a pivoting plate pivotably mounted to the main body part, and a tripod mounted to the pivoting plate by a panning joint for rotation relative to the main body part. The tilting joint is located at the free end of the upper arm, and the pivoting plate is mounted at the free end of the lower arm for pivoting about an axis perpendicular to the plane of the C-shaped member. The stabilization device has a travel mode, in which it is folded for compactness, and a number of use modes, in which it can be used to stabilize a camera mounted thereon.