I am glad your 20 dollars reel hold up for the day. I had my numbers of cheap rod/reels from Wal-Mart, and they works pretty good until you hooked a giant. Speaking from personal experience, I was fishing at the peer and hooked something pretty decent. But I never get to see it, the d**n reel stopped working. And once I opened it up trying to figure out what's wrong, one of those bearing just broke into 3 pieces.
Now, I still can't afford very nice stuff but I will use something that will bring in a good size fish. With good maintenance each year, a 100 dollars reel should last you a long time.