Charvak or Lokayat and Brhaspatya is an ancient School of Indian Materialism. One of the most widely studied principles of Charvak philosophy is its rejection of inference as a means to establish truth, especially related to God and supernaturalism. Charvak epistemology states that inference of truth from a state of observations, and truths needs to consider doubts. That leads to all inferences as conditional. Thus he rejected Brahman, Vedas and vedic ritualism and termed them as conditional inferences by a bunch of idiots. He did not recognize Moksha (salvation), rebirth (punarjanma). All his original works are lost or missing since 1200 AD. However scholars reconstructed some of his theories from secondary sources like references in different puranas and scriptures. According to some scriptures, Charvak propagates there is no GOD, no rebirth, no karma, no duty, no fruits of merit and sin. Reference to this philosophy as Lokayata indicates the prevalent nature of this philosophy in contemporary society. Some references are

There is no other world other than this;
There is no heaven and no hell;
The realm of Shiva and like regions,
are invented by stupid imposters.

—Sarvasiddhanta Samgraha, Verse 8

The enjoyment of heaven lies in eating delicious food, keeping company of young women, using fine clothes, perfumes, garlands, sandal paste...while moksha is death which is cessation of life-breath... the wise therefore ought not to take pains on account of moksha.
A fool wears himself out by penances and fasts. Chastity and other such ordinances are laid down by clever weaklings.

—Sarvasiddhanta Samgraha, Verses 9-12

While life is yours, live joyously;
None can escape Death's searching eye:
When once this frame of ours they burn,
How shall it e'er again return?

As per The Charvaka System with commentary by Madhava Acharya, Translators: Cowell and Gough (1882), page 10

Charvakas rejected the need for ethics or morals, and suggested that "while life remains, let a man live happily, let him feed on ghee even though he runs in debt".

Present day world vs Charvak

While doing my undergrad, I had to take a study loan. After graduation, I joined with a very low paying teaching job. I couldn’t save enough to repay the loan. The bank collection agents came to our house once. It became an issue in my village. I repaid my loan cutting all other expenses within a quarter. I promised then not to take a loan again.

I migrated to USA on first day of twenty first century with a hope to get rid of all my materialistic deficiencies. Over time, I bought houses, cars, furniture, electronics with fat mortgages and car loans. I now live with loans that I need to pay for next thirty years. Even my total assets are less than the loan I am carrying. I am enjoying my life with the earnings of tomorrow. My monthly credit card bills are fat too. The year end rebate check and tax rebate on mortgage loan interest give much needed motivation to carry on these loans and credits. It is economical to put one's corresponding savings in a fixed deposit account instead of paying the loan back. These are the trends not only for me, but for most of my friends and countrymen here in America. We are really eating ghee by long term borrowing.

Though people in India started using credit cards, home loans and car loans, their penetration is still very low. Taking a loan is still a taboo in rural India. Having a collection agent at your doorstep is still considered a social stigma. Rural India does not have the concept of ‘foreclosure’ because of a bad loan.

Inference: Philosophy doesn’t have a boundary. Something that appeals most, can spread far and wide. It seems that American society has more Charvaks than its place of origin. Nobody ever propagated this philosophy here. I, who promised take loans again, converted to a Charvak as soon as I got here. Who knows, hundreds year down the line, which philosophy prevails in this part of the world?

Going by Charvak philosophy, my inference may be questioned too.