A cargo strap with carrying handle and mechanism for securing the cargo strap around a load. A first end of the cargo strap is preferably removably anchored to the strap securing mechanism by a clevis pin that permits rapid and easy disconnection of the first end of the cargo strap from the strap securing mechanism. The second end of the cargo strap is retained within the strap securing mechanism and prevented from removal therefrom by a stop proximate the second end of the cargo strap. The stop is preferably constructed as a loop formed in the second end of the cargo strap and sewn to the strap with a strap flap portion intermediate the second end of the cargo strap and the strap securing mechanism. The strap securing mechanism preferably has either a ratchet style mechanism with a reel or a modified cam buckle mechanism.