The first principle of getting an understanding of God's word is it must be a version that you can understand and will read. Not all of us are able to read in the original languages so we depend of faithful translators to present God's word to us in a way we can understand and apply to our lives.Paraphrases on sale at the Bible counter at the Christian book store. Good or bad?
One reason the NIV sells so well is that people pick it up and it reads like the other books they read, rather than like Shakespeare.
My view is we should find the version we can understand that comes closest to a word or phrase meaning for word or phrase meaning translation, rather than a thought for thought translation such as a paraphrase.
All translations contain errors where God's intended message has been garbled or misconstrued. And finding the one that comes closest in accuracy that we can understand means some of us choose rather loose translations such as the NIV.
I use the NASB for study, but find the NIV and NLT useful for reading as they, as JOJ has observed, present commentary melded with translation.
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