Parking Brake Cable Sags

Recently I noticed that my parking brake cable has been sagging quite a bit under my 2000 MGM. I wouldn't have much of a problem with it except that there seems to be a spring of some sort hanging with it, and it is only about 5-6 inches off the ground. When I go over a pot hole (our streets in Ohio are littered with them) or even up our driveway into the garage, the spring unit sometimes snags.

I got up under the car today and looked around the chassis. I think I see where it is supposed to suspend from, but not certain and not sure what I would need to get to fix it. It looks like whatever was holding it up rusted through and finally gave. Did anybody else see this? Is it a big problem? If I can find my camera I will take a picture and post what I see.

Thanks for your help!

The cable just needs to be adjusted. But before adjusting, look at the bottom of rear backing plate where the cable hooks to the shoe adjuster. Thid should have no tension on it. They are bad about freezing yo. Spray them with lubricant and use a hammer and punch to move the adjuster. Do this on both sides until the adjuster is freed up and the cable moves freely. After that, on the back of where the spring is, there is a little clip. Pull pr pry that clip until it loosens up. The spring will put the proper tension on the cable. Place the clip back in the locked position. Good luck.