If you are not a welder or fabricator or have a good friend who is one then yes get rid of it before it falls apart at a really bad moment. It can be mended however depanding on the severity and the extent of the rust problem by a qualified tech.
Asked in Chemistry
Is rusting a phsyical change?
Rusting is a chemical change because under it iron goes under oxidation and oxidation is a chemical process. Also, a physical change can be reversed but a chemical change cannot and rusting cannot be reversed. Hence also rusting is a chemical change. ...