There are numerous ways to bind a rug and I have done several of them but not all. So far I have whipped with wool yarn, whipped with wool strips, wool covered cord, regular cotton binding tape and now with this extra wide cotton binding tape. I learned about this product from Polly Minick when she sent me one of her rugs for some reason. She said she buys it by the bolt and is a product that Floridians use on their sisal rugs.
The first thing I do before I start hooking (IF I know there are no plans for enlarging the pattern or the border) is first do two rows of straight stitching and 1 row of zig zag stitching about 1 1/4" away from the edge of the design. I do this because it is much easier to put this stay stitching in before the rug becomes cumbersome and heavy with the wool strips and I like for the trimmed edge to be secure from fraying. You may also notice that I mark the corners at an angle to reduce the bulk for when the corners are mitered. So that corner is also about 1 1/4" away from the design.
Next the cotton binding is turned to the back and the corners mitered as well. I play with it for a few moments, do some preliminary pinning and folding to see how much bulk I can afford to trim off. Go SLOWLY, as you can always trim away more later, because if you trim off too much you may end up being short. This photo shows where I'm folding.
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