It is hard to assess the damage without actually seeing it ( this system supports images, BTW - the +Image button in the comment field lets you post a picture). But in a Moen faucet both the handle and the control cartridge (the actual valve and the shaft on which the handle sits) are removable and replaceable. So, I don't see a reason why you would not be able to purchase a replacement part and fix it without changing the entire faucet.
On the other hand, if you or your spouse want to get rid of the faucet, this may be the right time to get a new one. The Moen replacement control cartridge is a rather expensive part (as far as plumbing replacement parts go). Still far cheaper than the entire faucet, but you can at least say that you did not waste $20 on a part for a faucet you didn't like anyway :)Â