McCarthy is an admirer of Carroll and it is well documented he tried to sign him without success from Newcastle following a loan spell with Preston.
He still believes Carroll will be a success at Liverpool but feels he has not been helped by the size of the fee in adjusting to life with one of the Barclays Premier League's leading clubs.
"Andy is still a threat but price tags have made life hard for a lot of people," said McCarthy.
"We should know from a player who left Wolves a long time ago (to join Manchester City) and was supposedly the top player, in Steve Daley.
"It makes life hard. If it just doesn't happen immediately, then it ends being a bit of a burden.
"He (Carroll) can't help the transfer fee. Straight away, and even more so now, you go to every ground and you're not flying then it's 'what a waste of money.'
"You're getting highlighted and spotlighted. It doesn't make playing any easier that's for sure. Maybe Liverpool play a slightly different way to what Newcastle did as well. But give him time. There's no doubt he's a good player."
McCarthy is an admirer of the way Kenny Dalglish has revived the Reds' fortunes during his year at the helm.
He said: "Kenny is Kenny. He's loved by everybody there. It's a great starting point when you go in and you have that wonderful feeling towards you.
"But he's backed it up by getting them into the League (Carling) Cup final - and they're progressing."