Credit Card Agreements May Get Easier

Do you understand all the legal rules for use of your credit card? If you don't you're not alone.

Today, the Obama administration is rolling out a prototype with the Consumer Financial Protection Bureau that the White House says is easier and written in plain language.

ABC News Correspondent Ann Compton reports it would be written at what experts say, "is a seventh grade reading level."

The Consumer Financial Protection Bureau plans to test the new agreement with the nation's largest credit union, Pentagon Federal.

Not surprisingly, the White House says a recent survey of credit card users found that two-thirds say they don't completely  understand how their cards work.