``Buy Now, Pay Later" (BNPL) and other forms of consumer credit create a wedge between consumption and payments. We introduce this wedge into a standard consumption-based capital asset pricing model (CCAPM). In equilibrium, the pricing kernel equals the marginal utility of consumption divided by the price of a perpetuity whose maturity equals the BNPL duration. When this duration is stochastic and comoves with market risk, the BNPL-CCAPM pricing kernel can jointly price size- and book-to-market-sorted stock portfolios as well as maturity-sorted bond portfolios.