I disagree with carsick. The reel is not
just there to hold line. When one jams on you when casting or playing a fish - you'll wish you had bought a reliable one.
I think that Shakespeare make great budget rods, but their budget reels are cr@p IMO. I have had several with problems with jamming and the drag breaking. They have cost me fish, time and several hanks of hair and very nearly my pb wild brownie.

I think that you are right to get rid asap but not, as trouttickler says, because of issues with memory. That's a problem with your line.