Delete lines from a CSV file that contain fields listed in a text file
[Side note: It's helpful to present complete, working code when asking questions, together with any input files. That makes it easier for us. We can use the same names for files and so on. It makes things easier and less confusing. In the following, I'm just going to show you the basic code with all the irrelevant details stripped out.]

There's no need to walk through the words file line-by-line. We can just load it once into an array at the beginning:

$words = Get-Content WordsFile.txt


And then we can look in that array when we are processing the CSV records. That's pretty simple:

Import-Csv CsvFileIn.txt | 
    where TheField -notin $words |
    Export-Csv CsvFileOut.txt


Notes:


where TheField -notin $words is short for where {$_.TheField -notin $words}. That syntax was introduced in PowerShell 3.0 I think.
The -notin operator is case-insensitive. If you want it to be case-sensitive, then use -cnotin instead. (That is the same with all string comparisons in PowerShell: they are all case-insensitive.)
I'm assuming the words file is not huge. If it's huge, then the -notin operator may be too slow because it searches the array record-by-record (it does a "linear" lookup, as we say in the business). If it were huge, it would be better to use a .NET HashSet instead of an array, but if not, there's no need for the extra complexity.