A cheap hosting plan can only be bad for you if it does not have all of the features that you need and if that hosting company does not provide the services that it offers and that you have paid for. Come to think of it, an expensive plan can be bad for the same reasons!
The vast majority of cheap plans do have all of the things that are needed to provide you with the programs and scripts that will assist you in making the most interactive web site(s) on the Net; however, you need to be very careful about picking the hosting company that is in the same country you are in. That is important for various reasons such as money exchanges and customer service.
The hosting company cannot be a bad one if they offer unlimited domain names and email accounts. They cannot be that bad if they offer at least 99% up time! In addition, they certainly cannot be bad if they have the most popular applications, or at least have access to them!