Is this good financial advice?

David Batstone, executive editor of Sojourners and author of Saving the Corporate Soul--and (Who Knows?) Maybe Your Own: Eight Principles for Creating and Preserving Wealth and Well-Being for You and Your Company Without Selling Out, writes the following in his weekly WAG:

Reduce - and then eliminate - your personal debt.

I'll be even more to the point: If you have credit card debts, use every bit of your savings to pay down your principle. Unless you have investments that are earning you over 18 percent return - and doing so on a consistent basis (just shy of winning the lottery) - then you're better off draining your bank account to pay off your loans. As Benjamin Franklin advised, "Rather to go to bed supperless than rise in debt."