Birds of the same feather flock together?

I have a friend who I thought was really nice. However, when I got to know her even better, I found out that she was always cheating on her bf (though her bf also cheats on her), asks money from the guys (though indirectly) and likes to badmouth other girls as promiscuous (but she's also the same). Igradually kept my distance from her because I don't want to be ociated with her anymore. Would you have done the same? I have some beliefs that I am very firm about and this is one of them, do you think that I'm a fair weather friend or am I just being true to myself? My friend knows that I don't approve of what she does...