As I stated in a previous post, if you're looking for a hosted reader, I would recommend
Bazqux. I've been using it since GR's demise, and it's working well.
But as the death of The Old Reader shows, there is likely to be a lot of volatility in the RSS reader market in the coming months, and as others have said, hosting your own is the most reliable option.
I had almost given up on finding a self-hosted option that I liked. Although I subscribed to Bazqux, I kept a lookout for new self-hosted options. A week or so ago, I came across
Leed. It's the first self-hosted option that I've really enjoyed using. Certainly worth a try. I'm now using both Bazqux and Leed in parallel, and I'll do that for as long as it takes for one to stand out as the best option, although Leed has an automatic advantage because it's self-hosted.
Leed and the Leed web site are French, with no built-in translation, but one user has
put together an English version, and that's what I'm using.
EDIT: Forgot to mention that I'm also testing another self-hosted option,
Miniflux, which is promising (although it's a "river of news"-style reader rather than a folder-based reader)