And what if what you read in the Bible conflicts with the interpretation given by the magisterium?
How would that differ from what you say the Bible says?
It does not.
Doesn't happen. Actually, the role of the magisterium has been more to correct utterly wrong interpretations (which happens rather infrequently) than to provide a line-by-line guide, which it doesn't do.
Catholics are free to meditate on the Scriptures, to gain insights into the inexhaustible richness of Scripture from many sources -- e.g., the Pope, in his Jesus of Nazareth, draws on Rabbi Neusner's book (title's something like A Jew Talks to Jesus), with great appreciation of the further depth of understanding it provides of Jewish roots of the New Testament. Doesn't mean Rabbi Neusner's book becomes part of the Magisterium. (I do plan to read it myself.)
Catholics have a responsibility, not stressed enough in recent years IMO, to keep learning, not to be content with the bare minimum.