I have always appreciated private interpretation as this is the start and beginnings of the reformation. Luther stood behind it as did Calvin and many others that have preceded us. We get the creeds, confessions, and catechisms from a form of private interpretation. It comes to us from a corporate sense and the men behind these creeds, confessions and catechisms made a lot of effort to get it right so that the church may get it out amongst the peoples. I want to quote from R>C. Sproul in his Essential Truths of the Christian Faith", he addresses this private interpretation subject better than I could. Page 27, Subjectivism has been the great danger of private interpretation. Yet the principle of private interpretation does not mean that God's people have the right to interpret the Bible in whatever manner they wish. Along with the 'right' to interpret Scripture comes the responsibility to interpret it properly. Believers are free to discover the truths of Scripture, but they are not free to fabricate their own truth. Believers are called to understand the sound principles of interpretation and to avoid the danger of subjectivism.
In seeking an objective understanding of Scripture we do not thereby reduce Scripture to something cold, abstract, and lifeless. What we are doing is seeking to understand what the Word says in its context before we go about the equally necessary task of applying it to our lives. A particular statement may have numerous possible personal applications, but it can only have one correct meaning. The right to interpret Scripture carries with it the obligation to interpret it accurately. The Bible is not a 'waxed nose' to be shaped and formed to suit the views of the interpreter."
I go to a church that holds to creeds, confessions and catechism and the pastors dilignantly search history, other ministers and the Holy Spirit to minister to us the whole Truth of Scripture. It is my reason for going there. I have been to many churches with the truth being told in the latest contemporary subjective style not scrutinized by the faithful peers , creeds, confessions and catechisms and often these churches, pastors and members go down in flames as they get away from already established Truth. And wanting so bad to "hear from God" and interpret a section of Scripture in a new light they hurt the body. Gifted interpretation is still around today but isn't exactly a "brand new bag" and does need to follow certain principles. These "new" interpretations should be able to stand up to the testing of others staying within the proven method and principles of God's people. This is the fail safe method given to us by God.
So in short go ahead and read, devote, meditate and interpret freely with the Holy Spirit but do test your results against that which has proceeded and do it responsibly. One day we will be asked what we did with His Son, His Word and His Church as a member of that body. We all want to hear "Well done, good and faithful servant."