This I have done! (thanks to being taught to darn socks as a child). My rugs were natural colour so I used a large bodkin(upholstery or darning needle) and a ball of good string. Add wonder webbing at the end if you need more strength! You will have to adapt depending on the colour & fabric of your rugs. Tassels are pretty easy (plenty of needlework and craft instructions on the web) If you can't repair one tassel easily...cut them all off and replace the lot with new yarn..(you'll need a crochet hook for this) Good luck!
sally anne, November 2009