Bike brakes loose soon after adjustment?

excelblue

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I made the mistake of buying a cheap Huffy bike from a dept. store, and when I finally rode it, the brakes were not adjusted correctly - the front brake squeaked. A mile of riding later, I noticed that neither of my brakes worked.

So, I took it to a bike shop to get it checked over / adjusted. When I received it, the front break still squeaks a little bit, but the rear brake seems to work. Though, surprisingly, just two miles later, the rear brake failed again! At that point, I walked my bike to a friend's place nearby and locked it there.

Is it possible that the brakes were adjusted incorrectly? Or, is the bike clearly faulty? What should I do? Any ideas?

It's a $90 bike, so any repair over $40 is not worth it; if it's going to cost more than $40 to make it safe, I'd rather sell it and buy something much better.
 
can you return it sitll?
if not try making a little loop where you tighten the cable by the bolt that should giv eit bettergrip with whatever bolt presses it to...
 
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