I think the glue in the handle has come undone. The reel (and where it is seated) spins around the main rod. I used electrical tape at the end of the year last year to prevent the spin.
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Should be able to fix that or have it fixed inexpensively. You can carefully drill a hole in the reel seat. The get some two part epoxy 5 or 30 minute, use a syringe and shoot it into the hole. You could even get some black coloring in the epoxy to make the hole less noticeable.
Or a rod builder could do it for you. If you like the rods, this would be cheaper than new ones.