I posted this idea a few weeks ago and I finally finished it. I really believed it would take me an hour or two to complete, but it ended up taking about 8 hours. It was crazy! I would recommend this to be one of those things you just slowly work on as you watch tv or something. It really can't be done in one sitting.
I have to say, I do love the results even though I feel like it took an absurd amount of time. I didn't want to use our old towels because I am over their seafoam green color. However, I did find these white and tan towels on clearancce at T.J. Maxx, as well, as the mat to tie it to. I bought the smallest mat and had enough left over to place it under two other rugs to keep them from slipping.